Futu Securities, Hong Kong’s largest on-line brokerage with greater than 3.5 million clients, has launched retail Bitcoin buying and selling on its platform. Based on the South China Morning Submit, customers can now purchase and promote Bitcoin and Ethereum straight utilizing Hong Kong {dollars} or US {dollars}.
Simply now: 🇭🇰Futu, Hong Kong’s largest on-line brokerage, is on-line #bitcoin and cryptocurrency buying and selling. pic.twitter.com/sGDxbx83is
— Bitcoin Journal (@BitcoinMagazine) August 1, 2024
Futu is the primary on-line dealer in Hong Kong to supply direct Bitcoin buying and selling to retail traders. Final month, the corporate acquired approval from the Hong Kong Securities and Futures Fee (SFC) to supply digital asset buying and selling companies.
The transfer comes as Hong Kong accredited Bitcoin and Ethereum exchange-traded funds earlier this 12 months. Via a brand new trade licensing regime and different coverage initiatives, Hong Kong goals to place itself as a Bitcoin and cryptocurrency hub.
Futu is leapfrogging its rivals by permitting retail Bitcoin transactions on its most important app. It has additionally utilized for a full bitcoin and cryptocurrency buying and selling license for its PantherTrade platform, certainly one of 11 provisional exchanges in Hong Kong which might be “deemed to be licensed” pending approval from the Securities and Futures Fee.
To draw new Bitcoin and cryptocurrency customers, Futu gives incentives similar to Alibaba and Nvidia shares as incentives. Prospects who deposit HKD 10,000 for 60 days will obtain HKD 600 in Bitcoin or reward certificates and shares. Bigger savers obtain better rewards.
Futu can also be presently waiving commissions on Bitcoin transactions in a bid to realize market share. It’s partnering with licensed trade HashKey to commerce beneath SEC guidelines.
By leveraging its giant buyer base, Futu is uniquely positioned to drive vital retail volumes of Bitcoin buying and selling in Hong Kong. Its model identify offers its Bitcoin platform immediate credibility and belief.
