Hong Kong-based cryptocurrency change Hashkey will now assist 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 change.
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 start on Thursday, September 28. Nevertheless, solely skilled buyers or people with an funding portfolio price at the least 8 million Hong Kong {dollars} (equal to $1 million), based on Hong Kong’s Securities & Futures Fee (SFC).
🚨 Consideration #Crypto Lovers! $AVAX @avax shall be out there on HashKey Alternate.
Deposit and withdrawal are reside, and AVAX/USD buying and selling pairs begins on September 28.
Skilled buyers, this one is for you ! #CryptoAlert
Learn extra: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39— HashKey Alternate (@HashKeyExchange) September 27, 2023
Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the one cryptocurrencies accepted by the SFC for retail buying and selling as of this writing. In the meantime, different altcoins like AVAX are restricted to skilled buyers or people with a $1 million portfolio.
Since Hong Kong licensed retail crypto buying and selling in August, the Securities & Futures Fee has positioned important restrictions on the operations of exchanges, together with Hashkey. As an example, SFC requires customers to deposit at the least 10,000 Hong Kong {dollars} (or $1,500) through the Know Your Buyer (KYC) verification course of.
In keeping with CoinGecko knowledge, Hashkey, the primary to obtain a retail crypto license in Hong Kong, has a each day buying and selling quantity of roughly $4.93 million, which pales in comparison with its world counterparts. For context, Binance, the world’s largest crypto change, boasts a 24-hour buying and selling quantity of practically $4.9 billion.
AVAX Worth Continues Decline In September
Though the itemizing of AVAX on the Hashkey change poses a possible alternative for elevated adoption, it’s price noting that the cryptocurrency’s value has been struggling in current months. And September wasn’t totally different for AVAX, because the token misplaced practically 14% of its worth prior to now 30 days.
This steady decline underscores Avalanche’s general 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 keeping with knowledge from CoinGecko, the Avalanche token modified fingers for $8.91, with a 0.31% dip within the final 24 hours. As of this writing, the cryptocurrency has a each day buying and selling quantity of $117,251,082, reflecting an 18.4% rise prior to now day. Avalanche ranks because the Twenty fourth-largest cryptocurrency, with a market cap of over $3.1 billion.
AVAX value continues downward development on the each day timeframe | Supply: AVAXUSDT chart on TradingView
Featured picture from IQ.wiki, chart from TradingView
