Hong Kong-based cryptocurrency trade Hashkey will now help buying and selling the Avalanche (AVAX) token on its platform. Nevertheless, merchants should meet an attention-grabbing requirement earlier than interacting with this cryptocurrency on the trade.
Merchants Should Meet $1 Million Portfolio Requirement: SFC
On Wednesday, September 27, Hashkey introduced the itemizing of the AVAX token on its platform, with buying and selling anticipated to begin on Thursday, September 28. Nevertheless, solely skilled traders or people with an funding portfolio value a minimum of 8 million Hong Kong {dollars} (equal to $1 million), in line with Hong Kong’s Securities & Futures Fee (SFC).
🚨 Consideration #Crypto Fans! $AVAX @avax might be accessible on HashKey Change.
Deposit and withdrawal are reside, and AVAX/USD buying and selling pairs begins on September 28.
Skilled traders, this one is for you ! #CryptoAlert
Learn extra: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39— HashKey Change (@HashKeyExchange) September 27, 2023
Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the one cryptocurrencies permitted by the SFC for retail buying and selling as of this writing. In the meantime, different altcoins like AVAX are restricted to skilled traders or people with a $1 million portfolio.
Since Hong Kong licensed retail crypto buying and selling in August, the Securities & Futures Fee has positioned vital restrictions on the operations of exchanges, together with Hashkey. As an illustration, SFC requires customers to deposit a minimum of 10,000 Hong Kong {dollars} (or $1,500) in the course of the Know Your Buyer (KYC) verification course of.
In line with CoinGecko knowledge, Hashkey, the primary to obtain a retail crypto license in Hong Kong, has a every day buying and selling quantity of roughly $4.93 million, which pales in comparison with its international counterparts. For context, Binance, the world’s largest crypto trade, boasts a 24-hour buying and selling quantity of almost $4.9 billion.
AVAX Value Continues Decline In September
Though the itemizing of AVAX on the Hashkey trade poses a possible alternative for elevated adoption, it’s value noting that the cryptocurrency’s worth has been struggling in latest months. And September wasn’t completely different for AVAX, because the token misplaced almost 14% of its worth up to now 30 days.
This steady decline underscores Avalanche’s total efficiency in 2023, which displays the unsure situation of the final market. The cryptocurrency has been on an estimated 58% plunge since notching a excessive of $21 in April.
In line with knowledge from CoinGecko, the Avalanche token modified arms for $8.91, with a 0.31% dip within the final 24 hours. As of this writing, the cryptocurrency has a every day buying and selling quantity of $117,251,082, reflecting an 18.4% rise up to now day. Avalanche ranks because the Twenty fourth-largest cryptocurrency, with a market cap of over $3.1 billion.
AVAX worth continues downward pattern on the every day timeframe | Supply: AVAXUSDT chart on TradingView
Featured picture from IQ.wiki, chart from TradingView
