Hong Kong Licenses Four New Cryptocurrency Exchanges: Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology

Hong Kong’s Securities and Futures Commission has licensed four new cryptocurrency exchanges: Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology.

Four new cryptocurrency exchanges have been licensed by Hong Kong’s Securities and Futures Commission, bringing the total number of licensed virtual asset trading platforms in the city to seven.

The newly licensed exchanges are Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology.

According to a statement from the SFC on Monday, the approvals are part of Hong Kong’s broader plan to enhance its virtual asset regulatory framework and bolster the city’s competitiveness as a global digital asset center.

“Our swift licensing process has enabled us to quickly grant these licenses while ensuring they meet our high standards,” said Eric Yip, SFC executive director of intermediaries.

“We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.”

The approvals come amid a period of sustained growth for Bitcoin, with the world’s largest cryptocurrency rising by more than 60% over the past six months and recently crossing the $100,000 threshold for the first time.

Before the newly licensed platforms can begin fully operating, they will be required by the SFC to complete additional steps, including undergoing vulnerability assessments and penetration tests by independent parties.

Thousand Whales Technology operates the EX.IO trading platform and is backed by Valuable Capital Group, a brokerage that is, in turn, owned by Sina Corporation, the company that operates China’s popular social media site Weibo.

The four exchanges were among nearly 30 firms that applied for virtual asset trading licenses in 2024, although some platforms, such as OKX and HTX, withdrew their applications amid regulatory concerns.

Previously, three platforms — HashKey, OSL, and HKVAX — were licensed by Hong Kong. Earlier this year, the city also launched Asia’s first exchange-traded funds (ETFs) for spot Bitcoin and Ether, beating the United States to the same milestone.

However, Hong Kong has faced challenges in effectively regulating over-the-counter (OTC) crypto trading and is now adjusting its oversight approach following industry feedback.