According to reports, HashKey Group, the owner of Hong Kong's leading licensed cryptocurrency exchange, has submitted an initial public offering (IPO) application in Hong Kong.
Bloomberg reported on Friday, citing informed sources, that HashKey Group plans to go public in Hong Kong this year. According to sources, the IPO could raise up to $500 million.
According to CoinGecko data, HashKey is the largest cryptocurrency exchange in Hong Kong, with a current 24-hour trading volume of nearly $117 million. The popularity of the exchange has also made it a target for scammers.
Related reports indicate that in January, the Hong Kong Securities and Futures Commission (SFC) discovered 33 suspicious websites impersonating HashKey. HashKey is one of the locally licensed cryptocurrency trading platforms, and the total number of identified counterfeit websites has reached 45. HashKey has confirmed that it has no association with these websites.
As of the time of publication, HashKey has not responded to Cointelegraph's request for comment.
In August, Hong Kong strengthened its cryptocurrency regulations by introducing new custody rules, prohibiting the use of smart contracts in cold wallets, and implementing stricter security standards. A few days later, the SFC warned that the new stablecoin framework exacerbated fraud risks. In September, the head of DBS Hong Kong stated that the city's stablecoin regulations would essentially prevent blockchain-based derivatives trading.
According to local media reports, in early September, Chinese regulators were preparing to restrict state-owned enterprises and banks in the mainland from engaging in stablecoin and cryptocurrency-related businesses in Hong Kong, but the report has since been deleted.
In September, HashKey launched a $500 million digital asset fund, with its CEO stating that a regulated cryptocurrency treasury could "survive in any market environment." In April, HashKey received approval from Hong Kong to offer staking services and plans to provide Ethereum staking services for spot ETFs.
The company received a $30 million investment from Chinese venture capital firm Gaorong Capital in mid-February at a valuation of $1.5 billion. Previously, HashKey completed a funding round in mid-January, raising nearly $100 million at a valuation of over $1.2 billion, becoming a "unicorn" with a valuation exceeding $1 billion.
Related: Crypto Biz: Bitcoin (BTC) Faces Corporate Moment, ICE Boldly Expands, Tether Continues to Grow
Original: “Bloomberg: HashKey Cryptocurrency Exchange Expected to Go Public in Hong Kong This Year”
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