China Merchants Bank subsidiary launches crypto exchange in Hong Kong

A China Merchants Bank subsidiary launched a Hong Kong-based crypto exchange for professional investors after securing a virtual asset service provider license.

CMB International Securities Limited, a subsidiary of the China Merchants Bank (CMB) — one of China’s top banks — launched a cryptocurrency exchange in Hong Kong.

According to a Monday CMB WeChat announcement, the bank has started offering virtual asset trading services. The launch comes after the Hong Kong Securities and Futures Commission approved the bank’s application for a virtual asset service provider license in mid-July.

CMB’s Hong Kong-based crypto exchange allows for 24/7 trading of Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT) for eligible investors. Documentation provided by the bank clarified that only professional investors are eligible for crypto trading services.

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