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HashKey Exchange remains the largest licensed virtual asset exchange in Hong Kong, with a quarterly growth rate of 1272% in its omnibus brokerage business

ChainCatcher news, HashKey Exchange continues to hold its position as the largest licensed virtual asset exchange in Hong Kong. As of October 16, according to the latest data from Coingecko, HashKey Exchange ranks among the top 8 global exchanges, making it the highest-ranked licensed virtual asset exchange in Hong Kong.HashKey Exchange's total trading volume has surpassed HKD 538 billion, with user assets exceeding HKD 5 billion, marking significant breakthroughs in multiple business areas for the company. Notably, with in-depth cooperation with several leading brokerages, HashKey Exchange's Omnibus brokerage services have seen substantial growth, with total trading volume reaching HKD 3.3 billion as of October 17, and a quarterly growth rate of 1272%. As a core brokerage service provider in Hong Kong, HashKey Exchange will continue to focus on providing convenient, secure, and efficient virtual asset deposit and withdrawal functions for brokerage investors in the future.Additionally, in celebration of its first anniversary, HashKey Exchange launched trading for Avalanche (AVAX) and Chainlink (LINK) to Hong Kong retail investors on August 28. This marks the first addition of new trading tokens in Hong Kong since the start of retail trading in August 2023, aside from Bitcoin and Ethereum. HashKey Exchange has submitted its third batch of trading token applications to regulators and plans to continue expanding the range of assets available for retail trading, offering diversified investment options to the market and investors.

TikTok faces allegations of operating a cryptocurrency exchange business in the UK

ChainCatcher news, according to Cryptonews, the short video application TikTok is under scrutiny for allegedly operating in the UK in a manner similar to cryptocurrency exchanges. It is reported that a compliance expert has warned the UK's Financial Conduct Authority (FCA), suggesting that TikTok undergo checks for money laundering and terrorist financing. The expert emphasized that the virtual tokens on TikTok could potentially be indirectly exchanged for real currency through its creator program, which is concerning.This scrutiny stems from TikTok's virtual currency system—TikTok tokens. Users can purchase tokens with real money and gift them on the platform or during live streams. They may also have the option to exchange these tokens back for cash. This process is similar to cryptocurrency trading. Given the strict regulations surrounding cryptocurrency businesses, this system has raised regulatory concerns. Critics argue that TikTok's handling of virtual currency may face the same scrutiny as cryptocurrency platforms. Additionally, such cryptocurrency-like transactions have raised concerns about the security of users' financial data, especially considering the geopolitical sensitivities.It is reported that the letter stated: "TikTok provides funding transfer services for money service businesses through its rewards program and facilitates the exchange of crypto assets for currency or currency for crypto assets, or makes arrangements for such exchanges." As of the time of publication, neither TikTok nor the FCA has responded to Cryptonews' request for comment.
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