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HashKey Group secures Bermuda license, launches new global crypto exchange

The new exchange will not be available to users from mainland China, the US, and Hong Kong.

HashKey executives discussing their crypto and Web3 expansion strategy.

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HashKey Group, an Asia-based digital asset financial services firm, has launched a new global cryptocurrency exchange named HashKey Global after obtaining a license in Bermuda, aligning with the its international expansion strategy.

The new exchange will offer compliant trading services to cryptocurrency enthusiasts worldwide, with the exception of users from the Chinese mainland, Hong Kong, the U.S., and other jurisdictions that currently prohibit any form of crypto trading.

The exchange will initially offer trading pairs for 21 cryptocurrencies for qualified retail investors and plans to introduce futures-related products as it develops.

HashKey Group already operates a licensed crypto exchange in Hong Kong, which is required to comply with stringent know-your-customer requirements and focuses on serving local, nearby markets, and institutional clients. The launch of HashKey Global in Bermuda allows the company to cater to a broader global retail customer base.

“HashKey Group aims to establish one of the world’s largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges,” said Livio Weng, chief operating officer of HashKey Group.

The Bermuda license is the latest in a series of licenses obtained by HashKey Group, following those in Japan, Hong Kong, and Singapore, issued by regulatory authorities in various jurisdictions. Weng emphasized that this demonstrates global recognition of the company’s past efforts.

HashKey announced earlier in January that it had raised nearly $100 million in its Series A financing round at a pre-money valuation over $1.2 billion. Weng speicifed in an interview with Hong Kong Economic Journal that the company plans to carry out another funding round later this year and is currently in talks with potential investors.

The firm is investing substantial resources into its global expansion strategy this year, with the goal of turning profitable by 2025, Weng reveals.

Last year, HashKey Exchange became one of the first crypto exchanges to obtain a license under Hong Kong’s new licensing regime, which permits crypto trading platforms to offer retail services. HashKey OTC, the over-the-counter trading arm of HashKey Group, also received an in-principle approval from the Monetary Authority of Singapore for a major payment institution license in February. This preliminary license enabled Hashkey to provide regulated digital asset and payment token services in the country.

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