CoinEX Launches New Crypto Trading Platform for Hong Kong Users

Cryptocurrency exchange CoinEX announced the launch of BitHK, a digital asset trading platform for its Hong Kong users.

According to Guidelines for Virtual Asset Trading Platform Operators, BitHK will submit its license application as a Virtual Asset Service Provider (VASP) to The Securities and Futures Commission (SFC) on June 1, the effective date of the Guidelines, and will offer spot trading and digital asset storage services in both the traditional Chinese and English languages.

Yang Haibo, CEO of CoinEX, said in a statement: "BitHK is constantly improving and plans to introduce P2P crypto trading on top of spot trading to support both HKD deposits and withdrawals. As an integral part of Hong Kong's financial services industry, BitHK has an obligation to uphold the city's image as an internationally recognized 'inclusive and open' financial hub."

He added: "We will strictly follow the Code of Conduct for Cryptocurrency Exchanges recently released by the SFC and the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. We are dedicated to delivering compliant, fair, and professional services while safeguarding our investors' assets. Our goal is to establish a secure and reliable crypto trading environment for Hong Kong users."

Hong Kong provides a good environment for the development of the cryptocurrency industry. On May 23, the SFC announced​ that it would soon allow licensed virtual asset trading platforms to serve retail investors. Once the news released, several crypto companies, such as Huobi​ and BitMEX​, began actively seeking a Hong Kong license.