Hashkey Permits AVAX Buying and selling For Hong Kong Customers

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Hong Kong-based cryptocurrency alternate Hashkey will now help buying and selling the Avalanche (AVAX) token on its platform. Nonetheless, merchants should meet an attention-grabbing requirement earlier than interacting with this cryptocurrency on the alternate.

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 begin on Thursday, September 28. Nonetheless, solely skilled traders or people with an funding portfolio price a minimum of 8 million Hong Kong {dollars} (equal to $1 million), in line with Hong Kong’s Securities & Futures Fee (SFC).

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

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

In keeping with CoinGecko information, Hashkey, the primary to obtain a retail crypto license in Hong Kong, has a day by 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 alternate, boasts a 24-hour buying and selling quantity of almost $4.9 billion.

AVAX Value Continues Decline In September

Though the itemizing of AVAX on the Hashkey alternate 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 totally different for AVAX, because the token misplaced almost 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 final market. The cryptocurrency has been on an estimated 58% plunge since notching a excessive of $21 in April.

In keeping with information from CoinGecko, the Avalanche token modified arms for $8.91, with a 0.31% dip within the final 24 hours. As of this writing, the cryptocurrency has a day by 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.

AVAX

AVAX worth continues downward pattern on the day by day timeframe | Supply: AVAXUSDT chart on TradingView

Featured picture from IQ.wiki, chart from TradingView



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