Hong Kong exchange licensing concludes: only 2 officially licensed, 11 treated as licensed, predominantly traditional institutions behind them
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Hong Kong exchange licensing concludes: only 2 officially licensed, 11 treated as licensed, predominantly traditional institutions behind them
Overall, existing applicants and licensed platforms are mostly local Hong Kong financial institutions and companies with mainland China resources and background.
Navigating Web3 tides with focused insightsBy Frank
On June 1, the transitional period for Hong Kong’s virtual asset trading platform licensing regime officially ended, leaving the crypto community “deeply disappointed.” Prior to this, platforms with little hope of obtaining a license had already begun announcing their withdrawal from the Hong Kong market.
Although only two institutions have been formally licensed, the Securities and Futures Commission (SFC) had previously updated a list of 11 platforms “deemed licensed” and another list of six platforms still in the application process. As of June 3, PANews found that the SFC had removed the “deemed licensed” list entirely, consolidating all applicants into a single “List of Virtual Asset Trading Platform Applicants,” with a warning stating: “The SFC urges investors to trade virtual assets only on platforms formally licensed by the SFC. Investors should note that platforms deemed licensed are not officially licensed by the SFC.” This move appears aimed at preventing public misunderstanding.
Overall, most current applicants and licensed platforms are local Hong Kong financial institutions or companies with mainland Chinese connections. Native crypto-native major exchanges have largely withdrawn from the race for a Hong Kong license.
Two Licensed Trading Platforms
HashKey Exchange: The Wanxiang-Backed Exchange
Hash Blockchain Limited is a company under HashKey Group, headquartered in Hong Kong. HashKey Group is backed by Wanxiang Blockchain Lab, part of Wanxiang Group's strategic blockchain initiative. Wanxiang Group founder Lu Guanqiu is regarded as one of Zhejiang Province’s three business leaders alongside Jack Ma and Zong Qinghou. On May 31, HashKey Exchange announced it received an AMLO license (Virtual Asset Trading Platform license under the Anti-Money Laundering Ordinance) from the Hong Kong SFC, making HashKey Group a fully licensed virtual asset platform in Hong Kong.
OSL Exchange
OSL Exchange is Hong Kong’s first licensed virtual asset exchange, operated by OSL Group—a Hong Kong-based fintech firm specializing in blockchain technology solutions and digital asset services. Its executive team includes professionals from major financial institutions such as HSBC, Morgan Stanley, and Accenture.
Eleven Platforms Deemed Licensed
HKbitEX: Founded by Former HKEX Executives
Hong Kong Digital Asset EX Limited (HKDAEx) was founded by several former senior executives of the Hong Kong Exchanges and Clearing (HKEX), including Gao Han, former managing director at HKEX. The group’s operations span securities and commodities trading, fund and asset management, metaverse and Web3 technologies, trading registration and clearing, trust and custody, fund establishment and management, and wealth and family office services. HKDAEx Group has completed multiple projects tokenizing collectibles and promoting copyright NFTs as investable assets. It is also a major shareholder of Nasdaq-listed Oriental Culture Holding (OCG.US).
HKbitEX has received preliminary approval from the Hong Kong SFC for Type 1 (Securities Dealing) and Type 7 (Automated Trading Services) regulated activities under the Virtual Asset Trading Platform (VATP) regime.
PantherTrade: Futu Holdings’ Platform
PantherTrade is a subsidiary of Futu Holdings, headquartered in Hong Kong, focusing on developing and operating a virtual asset trading platform. The company has recruited experts from the crypto and investment sectors, including Zhihu Chen, former investment director at Huobi Asset Management (Hong Kong) Limited, and founding director Xingzhi Fang, who previously worked at JD Securities Limited.
Accumulus: A Subsidiary of Yunzhanghu, a Major Taxpayer in Tianjin
Accumulus was established on September 2, 2022, by Yunzhanghu Technology (China) Co., Ltd. (shortened to "Yunzhanghu"), an internet platform serving gig economy workers (freelancers). Official data claims it has served over 83 million people across 120 countries and regions, generating RMB 108.4 billion in revenue in 2023. In 2021, Yunzhanghu ranked first among private enterprises in Tianjin with tax payments of RMB 3.366 billion. The company shares databases with the Tianjin Public Security Bureau and collaborates on investigations into pyramid schemes, illegal fundraising, gambling, drug crimes, smuggling, and human trafficking. Chairman Yang Hui is a member of the National Committee of the Chinese People's Political Consultative Conference, and the company has been visited by several national leaders. Since 2021, Yunzhanghu has undertaken six annual research projects commissioned by China’s Supreme People’s Court, Supreme People’s Procuratorate, and National Audit Office.
DFX Labs: Executives from BGE and HashKey
DFX Labs Company Limited is a professional virtual asset service provider based in Hong Kong, founded on May 2, 2023. COO Simon Au Yeung is a Wharton School graduate who previously served as CEO of Blockchain Finance and BGE. CTO David Hui formerly led technology at HashKey Group.
Bixin.com: An Established Crypto Firm
NewBX Limited is a private limited company registered in Hong Kong on August 2, 2019. It operates under Bixin Group, whose platform Bixin.com was formerly known as HaoBTC—founded in 2014 and one of the earliest cryptocurrency exchanges. Bixin Group now spans mining hardware R&D, mining operations, custodial wallets, MPC wallets, hardware wallets, trading platforms, public chains, venture capital, and more. Founder Wu Gang began engaging with Bitcoin in 2009 and is considered a veteran Bitcoin enthusiast.
xWhale: Backed by Wasion Capital, Majority Shareholder of Sina’s Wasion Securities
Thousand Whales Technology (BVI) Limited was incorporated in Hong Kong on April 11, 2022, as a virtual asset exchange invested in by Wasion Capital Group, affiliated with Sina Corporation. It is jointly funded by Wasion Capital Group, Longling Capital, and Vcredit (HKG: 2003). Longling Capital is an equity investment firm founded by renowned angel investor蔡文胜 (Tsai Wen-sheng).
YAX: Incubated by Tiger Brokers
YAX (Hong Kong) Limited was founded on March 16, 2023. The company operates YAX, a global cryptocurrency trading platform offering virtual asset trading and custody services. YAX was incubated by employees of Tiger Brokers, which itself receives support from Xiaomi, the smartphone manufacturer.
Bullish: Owned by Block.one, Developer of EOS
Bullish (GI) Limited is a company established by Block.one, primarily operating the Bullish exchange. Block.one develops and supports the open-source EOSIO software. The Bullish exchange is backed by Block.one and its investors, receiving initial funding including 200,000 EOS tokens at launch.
Crypto.com: Singapore-Based Compliant Exchange
Foris DAX HK Limited is a Hong Kong-registered cryptocurrency trading company founded on August 22, 2018. It operates under Crypto.com, a Singapore-based cryptocurrency exchange. The platform currently serves over 100 million users and holds a license from Singapore’s Monetary Authority (MAS).
WhaleFin: Operated by Amber Group, Invested by Temasek, Sequoia, and Others
Whalefin Markets Limited is a Hong Kong-headquartered firm focused on providing crypto and digital asset trading and management services. It is the digital asset platform operated by Amber Group, founded in 2017 and based in Hong Kong. The company specializes in digital wealth management and crypto liquidity solutions, offering comprehensive products and services—including trading, asset management, advisory, and research—to high-net-worth individuals and institutional clients. In February 2022, Amber Group secured $200 million in funding led by Temasek, with participation from Sequoia China, Pantera Capital, Coinbase Ventures, and Tiger Global Management.
Matrixport HK: Jihan Wu’s Platform
Flying Hippo Technologies Limited was incorporated on May 22, 2019, headquartered in Wan Chai, Hong Kong. It operates under Matrixport, a Singapore-based blockchain financial services platform founded in 2019 by Jihan Wu. The company manages over $10 billion in assets and records over $5 billion in monthly trading volume.
Six Platforms Still in Application Process
BGE: Major shareholder speculated to be son of “offshore gambling tycoon”
Hong Kong BGE Limited is a wholly owned subsidiary of HKE Holdings Limited (HKE Holdings, stock code: 1726), listed on the Hong Kong Main Board. According to its website, its core businesses include Software-as-a-Service (SaaS) solutions, brokerage services, automated trading platforms, and insurance-backed custody services targeted at institutional and professional investors. The parent company HKE is active across multiple sectors, particularly in fintech and digital asset services. Beyond virtual asset trading, it also engages in traditional engineering and construction.
In recent years, the company has emphasized expanding its digital asset and blockchain platform offerings. However, the application for a virtual asset exchange license has not significantly boosted its stock performance; as of early June 2024, HKE Holdings' share price had declined approximately 5.85% since the beginning of the year. Executive Chairwoman He Wenlian holds leadership roles in various organizations, including Vice Chair and Secretary-General of the Hong Kong Volunteers Association, Executive Chair of Hong Kong Telecom Holdings, Chair of Wing Lung International Limited, Vice Chair of Youth Motivation Fund, Director of Tung Wah Group of Hospitals, Executive Director of Hong Kong Youth Federation, and member of the All-China Youth Federation. BGE previously appointed Thor Chan, former CEO and co-founder of the defunct crypto exchange AAX, as its CEO. HKE Holdings has a market capitalization of around HKD 230 million, with chairman and major shareholder Lian Homant, speculated—but unconfirmed—to be the son of Lian Zhuozhao, known as the “offshore gambling tycoon.”
HKVAX: Founded by Executives from CITIC Futures and HSBC
Hong Kong Virtual Asset Exchange Limited (HKVAX) was founded in 2019 by local Hong Kong entrepreneurs. The company plans to introduce new product categories such as security token offerings (STOs) and position itself within Web3 investment opportunities. HKVAX offers over-the-counter (OTC) brokerage services for professional investors, institutional-grade trading platforms, and asset custody covered by 100% insurance. Its primary clientele includes venture capitalists, brokerages, high-net-worth individuals, institutional investors, asset managers, quantitative funds, private equity, and hedge funds.
Additionally, HKVAX states on its website that it has obtained preliminary approval from the Hong Kong SFC to conduct Type 1 (Securities Dealing) and Type 7 (Automated Trading Services) regulated activities. Co-founder Wu Weiliang previously served as Managing Director of CITIC Futures’ International Division. Co-founder霍兆梁 (Fok Siu-leung) formerly held the role of AML compliance head for HSBC Hong Kong and Asia region.
VDX: Under Hong Kong’s Victory Securities
Victory Fintech Company Limited was founded on August 5, 2021, under Victory Securities of Hong Kong. The VDX team was established by Victory Securities in 2018 to focus specifically on developing cryptocurrency trading systems. Executive directors include Gao Juan, chairwoman of the Hong Kong Securities Association. The company already holds SFC licenses for Type 1 (virtual asset trading), Type 4 (advisory services), and Type 9 (asset management services). Zhou Lele, Managing Director of Victory Securities and co-founder/Chief Commercial Officer of VDX, expressed hopes that post-licensing, VDX could contribute up to 20% of Victory Securities’ total revenue within three years.
bitV: Involved in Launching HK$1 Billion Hong Kong Bitcoin ETF Liquidity Fund
HighBlock Limited is a Hong Kong-based company founded on October 27, 2023, with limited public information available. In May of this year, it co-launched a HK$1 billion Hong Kong ETF liquidity fund with LD Capital and Antalpha Ventures.
HKX: Under a Web3 Crypto Banking Service Platform
hi5 (Hong Kong) Limited is a private company incorporated on October 28, 2019, headquartered in Hong Kong. It operates under hi.com, a Web3 crypto banking platform. Co-founder Sean Rach previously served as Chief Marketing Officer at Crypto.com. The hi.com platform employs over 120 staff across offices in Asia and Europe, with over 3.5 million registered users. It has launched its own token $HI, currently valued at approximately $2.4 million.
Bitcoinworld: Subsidiary of a Hong Kong Metaverse Listed Company
Bitcoin World Technology Limited is a wholly owned subsidiary of BYTE META (08645.HK), having obtained Type 1 and Type 7 licenses. Formerly known as Micron Metaverse, BYTE META rebranded in 2024. Media reports indicate that in August 2023, its indirect subsidiary Micron Internet Network (Wuhan) Co., Ltd. was subject to asset freezes by a court over suspected involvement in pyramid scheme activities.
Regarding the current state of exchange licensing in Hong Kong, Legislative Council member Dominic Kwok commented: “Most remaining applicants are relatively small in scale, some lack industry experience, and others are traditional financial institutions venturing into VATP (Virtual Asset Trading Platform) services without deep expertise in Web3. Under strict regulation, many industry insiders worry that even if operators obtain licenses, sustainable profitability will remain challenging.”
On the market’s perception of native crypto platforms exiting Hong Kong licensing applications, HashKey Exchange CEO Weng Xiaoqi told media that many leaders who withdrew their applications expressed disappointment to him. Weng believes that “the root cause behind this situation, according to market observation and feedback, may be that the SFC lacks sufficient personnel to comprehensively review all native Web3 institutions. Optimistically speaking, after establishing risk control thresholds, regulation will enter a new phase—today marks the end of the cautious 'steady development' period and the beginning of a growth phase.” Meanwhile, some platforms that have withdrawn their applications say they are currently undergoing restructuring and plan to resume Hong Kong operations once they secure licenses in the future.
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