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Interactive Brokers Starts Crypto Trading in Hong Kong via Partnership with OSL

Algoine News
Summary:
Global brokerage firm, Interactive Brokers, in partnership with OSL, has launched cryptocurrency trading for its retail customers in Hong Kong. Retail clients can now hold Bitcoin or Ether alongside traditional assets, with each trade attracting a fee between 0.20% and 0.30% of transaction value. The firm recently secured a license allowing the brokerage of Bitcoin and Ethereum trades. However, several exchange scandals have slowed Hong Kong's advancement in crypto exchange licensing.
Major global brokerage firm, Interactive Brokers, has introduced cryptocurrency trading to its retail customers in Hong Kong. This was made known on November 28, and entails a partnership with OSL, one of the pioneering crypto exchanges to obtain a Virtual Asset Service Provider (VASP) license in Hong Kong. The proclamation indicates that Interactive Brokers' Hong Kong retail clients can now trade digital assets directly via a single, comprehensive platform supported by OSL. According to information available on the company's website, retail clients in Hong Kong can now hold either Bitcoin (BTC) or Ether (ETH) in their individual accounts along with stocks, derivatives, commodities, forex, and other assets. A commission fee between 0.20% and 0.30% of the trade value is charged for each transaction. It was reported last week by Cointelegraph that Interactive Brokers secured a retail virtual asset trading license in Hong Kong, permitting them to facilitate Bitcoin and Ethereum trades only, as of now. On November 14, BC Technology Group, the parent company of OSL exchange, announced a $90 million equity investment from blockchain company BGX, despite earlier contemplations about selling the OSL exchange for HKD 1 billion ($128 million). However, Hong Kong's progression in crypto exchange licensing has been somewhat hindered by a sequence of exchange mishaps. JPEX, one of the largest crypto exchanges in the region, collapsed in September, leading to 66 arrests and an estimated loss of HKD 1.6 billion ($205 million). Furthermore, on November 25, another unauthorized crypto exchange, Hounax, allegedly defrauded 145 individuals of HKD 148 million ($18.9 million) through a suspected Ponzi scheme.

Published At

11/28/2023 5:36:06 PM

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