Hong Kong-based cryptocurrency exchange Hashkey will now support Avalanche (AVAX) token trading on its platform. However, traders need to meet an interesting requirement before interacting with this altcoin on the exchange.
Hashkey added AVAX to its list, but…
Hashkey announced on Wednesday, September 27 that it will list the AVAX token on its platform. The stock exchange also announced that trading will begin on Thursday, September 28. However, access will only be possible for professional investors or individuals with an investment portfolio worth at least HK$8 million (equivalent to $1 million), according to the Hong Kong Securities and Futures Commission (SFC).
https://twitter.com/HashKeyExchange/status/1706989352705024100
The SFC has only approved trading in Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) for retail investors. Meanwhile, other altcoins like AVAX are limited to professional investors or individuals with portfolios of $1 million. Since Hong Kong allowed retail crypto trading in August, the Securities and Futures Commission has imposed significant restrictions on the operations of exchanges, including Hashkey. For example, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process.
Haskey is the first company to obtain a retail crypto license in Hong Kong. According to CoinGecko data, Hashkey’s daily trading volume is around $4.93 million. Therefore, this figure is quite low compared to its global counterparts. For context, Binance, the world’s largest crypto exchange, has a 24-hour trading volume of approximately $4.9 billion.
Altcoin price is on the rise
It is possible that AVAX’s listing on the Hashkey exchange creates a potential opportunity for further adoption. Meanwhile, it is worth noting that the altcoin price has been struggling in recent months. The token has lost approximately 10% of its value in the last 30 days. So, September was not a great month for AVAX. This continued decline underscores the Avalanche’s overall performance in 2023. This reflects the uncertain situation of the overall market. As you follow on Kriptokoin.com, cryptocurrency reached $21 in April. However, it has since witnessed an estimated decline of over 50%.
Meanwhile, according to CoinMarketCap data, the Avalanche token has gained 5.16% in the last 24 hours. At press time, the altcoin was changing hands at $9.34. Hashkey’s inclusion of AVAX on its list may have brought good luck! As of this writing, the cryptocurrency’s daily trading volume is over $110 million. It also saw an increase of approximately 11% compared to the previous day. Avalanche ranks as the 22nd largest cryptocurrency with a market capitalization of over $3.3 billion.
AVAX daily price chart. Source: CoinMarketCapFollow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channels to be instantly informed about the latest developments!
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