Futu Securities Unveils Crypto Trading Services in Hong Kong

Futu Securities International, a leading online brokerage in Hong Kong, has expanded its service offerings to include cryptocurrency trading, marking a significant stride into the digital currency space.

Starting Thursday, the firm has enabled its retail clients to trade bitcoin and ether against Hong Kong dollars and U.S. dollars. Steve Zeng, Futu Group’s managing director, reported a positive reception from the market following the launch, highlighting the growing interest in cryptocurrencies among investors.

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Strengthening Regulatory Framework 

In alignment with regulatory requirements, Futu has obtained an upgraded license from the Hong Kong Securities and Futures Commission (SFC).

This permits the firm to offer cryptocurrency services to qualified retail investors and ensures compliance with the strict standards mandated by local regulations. Transactions are facilitated through licensed platforms HashKey and OSL, ensuring a secure trading environment.

Furthermore, Futu is pursuing a license for its subsidiary PantherTrade to operate as a virtual asset trading platform, demonstrating its commitment to complying with Hong Kong’s regulatory landscape.

Promotions and Global Expansion 

To attract and retain users, Futu is offering zero-commission trading on cryptocurrencies and promotional giveaways including bitcoin, Alibaba shares, and Nvidia shares, contingent upon users fulfilling certain criteria.

Since going public on the Nasdaq in March 2019, Futu has not only strengthened its market position in Hong Kong but has also pursued opportunities abroad.

Its subsidiary in Singapore, Moomoo, recently acquired a full Major Payment Institution license from the Monetary Authority of Singapore, further enhancing its ability to offer cryptocurrency trading.

This expansion is part of Hong Kong’s broader initiative to create a regulated and inviting ecosystem for cryptocurrency trading, catering to both retail and institutional investors despite some concerns over the rigidity of the regulatory framework.