The new venture is available exclusively to qualified retail investors. The company plans to introduce futures, staking, and other financial products within the next quarter. At present, Hong Kong permits exchanges to serve clients who have passed Know-Your-Customer (KYC) checks and maintain funds in a local bank account.
Weng expressed the view that approving multiple exchanges would not solve the problem, as the local market “couldn’t even support four [crypto exchanges].” In the meantime, HashKey’s competitor, OSL, appears to be encountering similar challenges. OSL recently sold a 30% stake to BGX.
According to sources familiar with the deal, BGX is an “unlicensed crypto group with links to China.” As of now, OSL has not made any public statements about the deal.