The Securities and Futures Commission (SFC) of Hong Kong maintains an official list of licensed virtual asset trading platforms (VATPs) to inform the public about the regulatory status of platforms operating or actively promoting services to Hong Kong investors. This comprehensive guide provides up-to-date information on fully licensed VATPs, pending applicants, withdrawn applications, and important regulatory insights for investors.
As of 18 December 2024, seven virtual asset trading platforms have been officially licensed by the SFC under both the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). These platforms meet strict compliance, security, and investor protection standards.
✅ Licensed Virtual Asset Trading Platforms in Hong Kong
The following table lists all SFC-licensed virtual asset trading platform operators, including their registration details and licensing dates. Investors are encouraged to verify these platforms through the SFC Public Register.
| Central Number | Company Name (English) | Company Name (Chinese) | Trading Platform | License Date |
|---|---|---|---|---|
| BPJ213 | OSL Digital Securities Limited | OSL数字证券有限公司 | OSL Exchange | 15 Dec 2020 |
| BPL992 | Hash Blockchain Limited | Hash Blockchain Limited | HashKey Exchange | 09 Nov 2022 |
| BPW549 | Hong Kong Virtual Asset Exchange Limited | 香港虚拟资产交易所有限公司 | HKVAX | 03 Oct 2024 |
| BPO721 | Hong Kong Digital Asset EX Limited | 香港数字资产交易集团有限公司 | HKbitEX | 18 Dec 2024 |
| BUA970 | Accumulus GBA Technology (Hongkong) Co., Limited | 云账户大湾区科技(香港)有限公司 | Accumulus | 18 Dec 2024 |
| BUN619 | DFX Labs Company Limited | N/A | DFX Labs | 18 Dec 2024 |
| BUT670 | Thousand Whales Technology (BVI) Limited | N/A | EX.IO | 18 Dec 2024 |
Note: The SFC does not guarantee the performance or creditworthiness of any licensed platform. Licensing indicates compliance with regulatory requirements but does not eliminate investment risk.
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📋 Virtual Asset Trading Platform Applicants (Pending Review)
This list includes entities that have submitted formal applications but are not yet licensed. Some are deemed provisionally compliant under transitional arrangements as of 1 June 2024, but they must still meet full SFC requirements.
Investors should be cautious when using platforms on this list — they are not officially licensed, and operations may cease if applications are rejected.
| Company Name (English) | Company Name (Chinese) | Trading Platform | Application Date |
|---|---|---|---|
| Hong Kong BGE Limited | Not applicable | BGE | Not applicable |
| Victory Fintech Company Limited | 胜利数码科技有限公司 | VDX | Not applicable |
| Panthertrade (Hong Kong) Limited^ | 猎豹交易（香港）有限公司^ | PantherTrade | 15 Nov 2023 |
| NewBX Limited^ | Not applicable | Bixin.com | 24 Jan 2024 |
| HighBlock Limited | Not applicable | bitV | 06 Feb 2024 |
| YAX (Hong Kong) Limited^ | Not applicable | YAX | 07 Feb 2024 |
| Bullish (GI) Limited^ | Not applicable | Bullish | 07 Feb 2024 |
| Foris DAX HK Limited^ | Not applicable | Crypto.com | 09 Feb 2024 |
| Whalefin Markets Limited^ | Not applicable | WhaleFin | 21 Feb 2024 |
| Flying Hippo Technologies Limited^ | Not applicable | Matrixport HK | 26 Feb 2024 |
| Nebulas Hong Kong Limited | Not applicable | Nebulas Exchange | 25 Oct 2024 |
^ Deemed provisionally compliant under Schedule 3G of AMLO.
⚠️ Important Notes for Investors:
- Platforms on this list may be removed due to incomplete applications, withdrawal, or rejection.
- A platform being “deemed compliant” does not equal full licensing.
- Investors should only trade on fully licensed platforms to ensure legal recourse and asset protection.
❌ Withdrawn, Rejected, or Retired Applications
The SFC regularly updates its records to reflect changes in application status. The following platforms have had their applications withdrawn or returned, meaning they are no longer under active consideration.
| Company Name (English) | Trading Platform | Application Date | Removed Date | Reason |
|---|---|---|---|---|
| AMMBR (HK) LIMITED | Ammbr | 29 Sep 2023 | 06 Oct 2023 | Withdrawn |
| BitHarbour (Hong Kong) Limited | BitHarbour | 11 Jan 2024 | 29 Jan 2024 | Withdrawn |
| Meex Digital Securities Limited | Meex | 12 Oct 2023 | 07 Feb 2024 | Returned |
| HBGL Hong Kong Limited | Huobi HK | 20 Feb 2024 & 26 Feb 2024 (duplicates) | Multiple dates in Feb–May 2024 | Withdrawn |
| Gate Digital Limited | Gate.HK | 28 Feb 2024 | 22 May 2024 | Withdrawn |
| OKX Hong Kong FinTech Company Limited | OKX | 16 Nov 2023 | 24 May 2024 | Withdrawn |
| Spark Fintech Limited | Bybit | 31 Jan 2024 | 31 May 2024 | Withdrawn |
| hi5 (Hong Kong) Limited | HKX | 29 Feb 2024 | 17 Jul 2024 | Withdrawn |
| Bitcoin World Technology Limited | bitcoinworld | 17 May 2024 | 10 Oct 2024 | Returned |
📌 Key Insight: The withdrawal of major names like Bybit, OKX, and Huobi HK highlights the rigorous nature of Hong Kong’s licensing regime. Many global exchanges have opted out due to compliance complexity.
⚠️ Ceased Operations: Former Virtual Asset Platforms
Currently, there are no platforms listed as required to cease operations by a specific deadline. However, the SFC reserves the right to mandate shutdowns for non-compliant operators.
Platforms that fail to obtain a license or withdraw their application are expected to wind down their services targeting Hong Kong users.
🔍 Regulatory Framework for Virtual Asset Trading Platforms
To operate legally in Hong Kong, a virtual asset trading platform must comply with two key legal frameworks:
Under the Securities and Futures Ordinance (SFO)
- License Type: Type 1 (Dealing in Securities) and Type 7 (Automated Trading Services)
- Scope: Applies to security tokens — digital assets classified as securities.
- Applicant: Licensed corporation or representative
Under the Anti-Money Laundering Ordinance (AMLO)
- License Type: Virtual Asset Service Provider (VASP)
- Scope: Covers non-security tokens such as Bitcoin and Ethereum.
- Applicant: Licensed provider or representative
💡 Best Practice: Most serious platforms apply under both regimes to cover all token types and ensure long-term compliance.
👉 Learn how top-tier exchanges achieve global regulatory compliance.
📄 How to Apply for a VATP License in Hong Kong
The SFC uses the WINGS system for all licensing applications:
- Access via: wings.sfc.hk
- Submit one consolidated form if applying under both SFO and AMLO.
Required documents include:
- Completed application forms
- External audit report (Phase I)
- Fees range from $1,790 to $4,740 per license category.
For detailed guidance, refer to the:
💡 Other Regulated Virtual Asset Activities in Hong Kong
Beyond trading platforms, the SFC also regulates:
Virtual asset fund managers (Types 1 and 9 licenses)
- Must comply with Virtual Asset Fund Manager Terms and Conditions
- Applies even if <10% of portfolio is in crypto (“de minimis” rule)
Advisory and trading services on virtual assets
- Firms must follow Virtual Asset Trading or Advisory Terms and Conditions
- Must partner only with SFC-licensed exchanges
Distribution of virtual asset products
- Subject to existing complex product sales rules
Last updated: September 2023
❓ Frequently Asked Questions (FAQ)
Q: What does it mean if a platform is "deemed licensed"?
A: It means the platform was treated as licensed under transitional rules effective from June 1, 2024, provided it had a pending application. However, it still must meet full SFC requirements and is not yet formally approved.
Q: Can I trust a platform just because it applied for a license?
A: No. Applying does not imply approval. Many applicants have withdrawn or been rejected. Always check the official SFC licensed list.
Q: Are foreign crypto exchanges safe for Hong Kong users?
A: Unregulated overseas platforms pose significant risks — including loss of funds due to hacks or insolvency, and lack of legal recourse. The SFC strongly advises using only licensed local platforms.
Q: Why did OKX and Bybit withdraw their applications?
A: While neither company publicly stated reasons, industry experts suggest challenges in meeting strict custody, disclosure, and operational resilience standards under Hong Kong law.
Q: How can I verify if a platform is licensed?
A: Use the SFC Public Register, search by company name or central number, and confirm active status under both SFO and AMLO.
Q: Is staking or earning interest allowed on licensed platforms?
A: Yes, but only if included in the platform’s license scope and disclosed properly. The SFC requires clear risk warnings and fair terms.
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Last Updated: December 18, 2024