Hashkey Enables AVAX Trading For Hong Kong Users

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Hong Kong-based cryptocurrency trade Hashkey will now assist buying and selling the Avalanche (AVAX) token on its platform. Nevertheless, merchants should meet an fascinating requirement earlier than interacting with this cryptocurrency on the trade.

Merchants Should Meet $1 Million Portfolio Requirement: SFC

On Wednesday, September 27, Hashkey introduced the itemizing of the AVAX token on its platform, with buying and selling anticipated to start on Thursday, September 28. Nevertheless, solely skilled buyers or people with an funding portfolio price at the very least 8 million Hong Kong {dollars} (equal to $1 million), in line with Hong Kong’s Securities & Futures Fee (SFC).

🚨 Consideration #Crypto Lovers! $AVAX @avax shall be obtainable on HashKey Alternate.Deposit and withdrawal are reside, and AVAX/USD buying and selling pairs begins on September 28.Skilled buyers, this one is for you ! #CryptoAlertRead extra: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39

— HashKey Alternate (@HashKeyExchange) September 27, 2023

Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the one cryptocurrencies permitted by the SFC for retail buying and selling as of this writing. In the meantime, different altcoins like AVAX are restricted to skilled buyers or people with a $1 million portfolio.

Since Hong Kong licensed retail crypto buying and selling in August, the Securities & Futures Fee has positioned vital restrictions on the operations of exchanges, together with Hashkey. For example, SFC requires customers to deposit at the very least 10,000 Hong Kong {dollars} (or $1,500) through the Know Your Buyer (KYC) verification course of.

Based on CoinGecko information, Hashkey, the primary to obtain a retail crypto license in Hong Kong, has a each day buying and selling quantity of roughly $4.93 million, which pales in comparison with its international counterparts. For context, Binance, the world’s largest crypto trade, boasts a 24-hour buying and selling quantity of practically $4.9 billion.

AVAX Value Continues Decline In September

Though the itemizing of AVAX on the Hashkey trade poses a possible alternative for elevated adoption, it’s price noting that the cryptocurrency’s worth has been struggling in latest months. And September wasn’t completely different for AVAX, because the token misplaced practically 14% of its worth prior to now 30 days.

This steady decline underscores Avalanche’s general efficiency in 2023, which displays the unsure situation of the overall market. The cryptocurrency has been on an estimated 58% plunge since notching a excessive of $21 in April.

Based on information from CoinGecko, the Avalanche token modified palms for $8.91, with a 0.31% dip within the final 24 hours. As of this writing, the cryptocurrency has a each day buying and selling quantity of $117,251,082, reflecting an 18.4% rise prior to now day. Avalanche ranks because the Twenty fourth-largest cryptocurrency, with a market cap of over $3.1 billion.