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Hashkey HK opens AVAX trading with $1M portfolio requirement

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Handiest knowledgeable merchants with a portfolio exceeding $1 million can make investments in altcoins by device of regulated exchanges in Hong Kong.

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Hong Kong crypto alternate Hashkey, the first to win a retail crypto license within the Particular Administrative Situation (SAR), will commence Avalanche (AVAX) trading on its platform. On the replace hand, there is a pick.

In step with the September 27 announcement, most attention-grabbing knowledgeable merchants, or folk possessing an funding portfolio with a cost exceeding 8 million Hong Kong greenbacks ($1 million), as outlined by the SAR’s Securities & Futures Rate (SFC), can alternate AVAX on the Hashkey alternate. Currently, most attention-grabbing Bitcoin (BTC), Ether (ETH), and Tether (USDT) are licensed by the SFC for retail trading, with the closing altcoins field to knowledgeable investor restriction. 

The SFC has positioned valuable restrictions on exchanges since regulated retail crypto trading began in Hong Kong in August. Unlike its global counterpart, Hashkey Hong Kong requires users to deposit the identical of $1,500 into their alternate accounts as section of the Know Your Buyer verification route of. 

Cointelegraph reported in June that crypto exchanges are spending over $25 million to place the unprejudiced infrastructure wished for a Hong Kong Digital Asset Supplier (VASP) license. In the meantime, Hashkey Hong Kong has an estimated 24-hour trading volume of unprejudiced $5.3 million within the route of three cryptos, a bit of its global chums. 

Sarcastically, the introduction of a regulated crypto regime did no longer appear to conclude the activities of abominable actors. All the device in which by device of the Token2049 conference in September, doubtlessly the most attention-grabbing financial fraud in Hong Kong’s history unraveled with the give device of the JPEX crypto alternate. Police acquire accused JPEX of embezzling better than $178 million of merchants’ money, with the alternate being unregistered with the SFC at the time of the incident. Since the fallout, the SFC has begun publishing a warning checklist of crypto exchanges deemed non-compliant within the SAR.

Attention #Crypto Fanatics! $AVAX @avax will likely be accessible on HashKey Exchange.

Deposit and withdrawal are are residing, and AVAX/USD trading pairs begins on September 28.

Expert merchants, this one is for you ! #CryptoAlert

Read more: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39

— HashKey Exchange (@HashKeyExchange) September 27, 2023

Magazine: Blockchain detectives: Mt. Gox give device saw starting up of Chainalysis

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