Bitrabo Editorial
Cryptocurrency exchange and derivative trading platform BitMEX has launched an exclusive mobile app for its Hong Kong user base. The move is in response to the Securities and Futures Commission’s efforts to establish appropriate standards for digital assets and ensure a seamless trading experience for the growing crypto community in the region.
Transition to BitMEX Hong Kong
The new app, which will be the exclusive platform for Hong Kong users, will take effect on May 29, 2023. Existing BitMEX users domiciled in Hong Kong will no longer have access to BitMEX’s services through the existing website or API connections. Instead, they will be transferred to BitMEX’s affiliated entity in Hong Kong, HDR BMEX Limited, through the BitMEX Hong Kong mobile app.
The BitMEX Hong Kong mobile app offers an improved trading experience with its portfolio management and various trading options. Users can buy and sell cryptocurrencies through a wide range of trading pairs and can facilitate cryptocurrency purchases using over 30 different currencies for different fiat-to-crypto trading processes.
The app also provides real-time access to account information, such as wallet balances and transaction history of deposits and withdrawals, which can be easily monitored, allowing users to stay in control of their digital assets. Furthermore, the transition is set to happen without any deductions or fees, and existing verified Hong Kong users will not be required to undergo verification or KYC checks to access the new services as they only need to download the BitMEX Hong Kong mobile app.
Hong Kong’s Regulatory Stance on Crypto
Hong Kong is a global financial hub that has been closely monitoring the rapid growth of the crypto industry. The SFC of Hong Kong has been at the forefront of shaping the regulatory landscape for cryptocurrencies and introduced a comprehensive regulatory framework in 2019 called the “Opt-in Regulatory Sandbox.” This initiative allows qualified virtual asset trading platforms to opt into a licensing framework and ensure compliance with anti-money laundering and know-your-customer regulations.
Meanwhile, Hong Kong has recently begun testing its central bank digital currency (CBDC), called e-HKD. The pilot project includes 16 banks and payment processors examining whether the currency is useful to the city-state.
The global crypto market has been volatile, experiencing both growth and decline in the past weeks. Over the past 24 hours, the global crypto market has reached a value of over $1 trillion.
Featured image from Coingape, Chart from TradingVew