OKX Follows PantherTrade Footsteps, Applies For Trading License In This 'Crypto Hub'
Portfolio Pulse from Murtuza Merchant
Crypto exchange OKX has applied for a virtual asset trading platform (VATP) license in Hong Kong through its branch OKX Hong Kong FinTech. The application aims to position Hong Kong as a key cryptocurrency hub. OKX's application follows PantherTrade's, which is linked to Futu Holdings. The new SFC regulations in Hong Kong mandate licensing for exchanges and allow them to serve retail investors. Other companies, including HTX and Crypto.com, are also interested in applying, while Binance is seeking a license through HKVAEX.
November 21, 2023 | 3:32 pm
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POSITIVE IMPACT
Binance, represented by the cryptocurrency BNB, is pursuing a VATP license in Hong Kong through HKVAEX. This move could strengthen Binance's regulatory standing and market access in Hong Kong.
Binance's effort to obtain a VATP license through HKVAEX indicates a strategic move to comply with Hong Kong's regulatory environment and tap into the retail investor market. This could be perceived positively by investors and may lead to a short-term positive impact on the value of BNB.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Futu Holdings is linked to PantherTrade, which applied for a VATP license in Hong Kong a day before OKX. This move could enhance Futu's positioning in the crypto market.
Futu Holdings' association with PantherTrade, which is actively seeking a VATP license, could potentially expand its business in the cryptocurrency sector, a growing market. This could be viewed positively by investors, leading to a potential short-term increase in FUTU's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70