Hong Kong’s Futu Securities Launches Crypto Trading Service, Offers Bitcoin and Ethereum to 22M Users

• Futu’s 22M users can trade Bitcoin and Ethereum with HK or US dollars, enhancing their crypto market presence.
• New Futu accounts with HK$10K deposits for 60 days get Bitcoin, vouchers, or Alibaba shares as incentives.
• Futu seeks a crypto exchange license, partnering with HashKey for compliant trading under Hong Kong’s SFC rules.

Futu Securities International, Hong Kong’s largest online broker, has unveiled a new retail cryptocurrency trading service. This initiative is part of a broader effort to attract more investors amid a rising crypto bull market. 

Futu’s 22 million customers can now trade Bitcoin (BTC) and Ethereum (ETH) directly on its platform using either Hong Kong or US dollars. The new service follows Futu’s recent upgrade in its securities license, allowing it to offer virtual asset dealing services to both professional and retail customers.

Incentives for New Accounts

To entice new investors, Futu is offering a unique incentive program. Investors who open accounts in August and deposit HK$10,000 (US$1,280) for 60 days can choose between receiving Bitcoin worth HK$600, a HK$400 supermarket voucher, or a single share of Alibaba Group Holding. 

For larger deposits, those who invest US$80,000 for the same period can earn HK$1,000 in Bitcoin or a share of Nvidia, the US-based AI chip company whose shares have surged 143% this year. This initiative highlights Futu’s strategic approach to expanding its customer base in the competitive crypto market.

Broader Initiative for Virtual Assets

Futu’s launch aligns with Hong Kong’s broader initiative to become a global hub for virtual assets. Over the past two years, the city’s government has implemented various crypto policies, including a mandatory licensing regime for crypto exchanges. 

This regulatory framework aims to enhance the city’s appeal to crypto businesses and investors. Despite these efforts, Hong Kong faces challenges, such as the exit of several large global platforms and relatively low trading activity for Bitcoin and Ethereum ETFs on the local stock exchange.

Future Plans and Regulatory Compliance

In addition to its primary brokerage app, Futu is pursuing a crypto exchange license for its new platform, PantherTrade. Currently, PantherTrade is among 11 platforms in Hong Kong “deemed to be licensed” for trading crypto, operating under a temporary arrangement as they await full approval from the Securities and Futures Commission (SFC). 

Meanwhile, Futu has partnered with licensed exchange HashKey to enable trading under SFC rules. By leveraging its large client base and waiving Bitcoin trading commissions, Futu aims to drive significant retail volume for Bitcoin trading in Hong Kong, providing a trusted platform for its users.