Chinese Brokerage Firm Futu Launches Bitcoin and Ethereum Trading in Hong Kong
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Coinspeaker Chinese Brokerage Firm Futu Launches Bitcoin and Ethereum Trading in Hong Kong Futu Securities, one of China’s leading online brokerage firms, has officially rolled out Bitcoin (BTC) and Ethereum (ETH) trading in Hong Kong through its local subsidiary. Starting today, August 1, crypto traders in the region will be able to buy and sell the two major digital assets using either the US dollar or the local currency, the Hong Kong dollar (HKD). For now, the company will only allow the trading of BTC and Ether, although it plans to add support for other cryptocurrencies in the future. Expanding Beyond Mainland China The online brokerage firm initially expressed its interest in offering crypto trading services to customers outside mainland China in May 2021. At that time, Futu announced it was in the process of applying for licenses to expand its services to Hong Kong, Singapore, and the United States, where digital assets are accepted for investment opportunities—unlike China, which has imposed a blanket ban on the emerging market. According to a report published by South China Morning Post, the company stated that it has successfully obtained an operational license from the Hong Kong Securities and Futures Commission (SFC). This license enables Futu to enter the Hong Kong market. The license makes the company the first online securities brokerage firm to directly offer crypto trading services through its dedicated platform, the Futu Niu Niu app. The app was developed in compliance with local regulations in Hong Kong. The company noted that the service is available for both institutional investors and retail traders, who can now purchase as little as $10 worth of BTC and Ether, or HKD 80. Additional Offerings and Incentives In addition to crypto trading, Futu is also licensed to offer Bitcoin and Ethereum exchange-traded funds (ETFs) to…
Filed under: News - @ August 2, 2024 2:18 am