Hong Kong’s largest online broker now offers Bitcoin and Ether Trading

Futu Securities International, Hong Kong’s largest online broker, has begun offering retail cryptocurrency trading in the city-state.

The latest move involves attracting investors with shares of Alibaba Group Holding and Nvidia. Hong Kong residents can now trade Bitcoin and Ether on the brokerage platform with Hong Kong or US dollars. Futu has partnered with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong, to provide crypto trading services.

Futu attracts investors with Alibaba and Nvidia

According to the South China Morning Post report, Hong Kong investors who open accounts in August and deposit HK$10,000 (worth about $1,280) over a 60-day period can receive Bitcoin worth 600 HK dollars, a HK$400 supermarket voucher or a single Alibaba share.

Depositing $80,000 during the same period will net users HK$1,000 in Bitcoin or a share of Nvidia, the US AI chip company whose shares have risen about 130% this year. The brokerage has also removed commissions for crypto trading from August 1 until further notice.

In addition to providing cryptocurrency trading in its main brokerage application, Futu is also seeking a cryptocurrency exchange license for its new platform, PantherTrade, in Hong Kong. This platform is one of 11 in Hong Kong that are currently “deemed to be licensed” for crypto trading, allowing them to operate pending full approval from the SFC.

Crypto Hub Dream setbacks

Although Hong Kong has positioned itself as a crypto hub, it has faced challenges such as the exit of major global platforms and low trading volumes of crypto ETFs on the local exchange.

Hong Kong police arrested three people in July on suspicion of defrauding a businessman out of HK$3.11 million in crypto assets by offering him three bundles of counterfeit HK$1,000 bills. Most recently, Hong Kong native and crypto promoter Wong Ching-kit was issued a Red Notice by Interpol for fraud and theft.

It is this increase in fraudulent activity that has led the authorities to improve their skills. Experts mention that Hong Kong has gained significant law enforcement experience in tracking money laundering involving digital assets. In addition, the SFC has increased its scrutiny of dubious crypto entities, issuing warnings to seven unlicensed trading platforms this month.

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