CMB International Securities Limited, a subsidiary of China Merchants Bank (CMB), has launched a cryptocurrency exchange in Hong Kong. The move follows approval from the Hong Kong Securities and Futures Commission, which granted the firm a virtual asset service provider licence in mid-July.
The new platform offers round-the-clock trading of Bitcoin, Ether, and Tether’s USDt. However, CMB clarified that the service is limited to professional investors only.
CMB, one of China’s largest banks, manages over $1.7 trillion in assets as of the end of March, according to Macrotrends. Its ordinary class A shares carry a market value of $153.16 billion.
First Chinese bank–affiliated broker with crypto licence in Hong Kong
CMB stated that it is the first Chinese bank–affiliated broker in Hong Kong to secure licences linked to virtual asset trading services. Looking ahead, the bank said it aims to merge traditional stock trading with digital assets and fintech applications.
Contrast with mainland China’s crypto ban
While the launch highlights Hong Kong’s growing role as a crypto hub, the situation remains very different on the mainland. The Chinese government banned cryptocurrency trading in 2017 and has maintained the prohibition ever since.
CMB’s headquarters are in Shenzhen, where such a service would be illegal. This sharp divide is made possible by the “one country, two systems” policy, which gives Hong Kong a separate legal framework and more flexibility in financial innovation.
