Hong Kong-based cryptocurrency exchange Hashkey will now support trading the Avalanche (AVAX) token on its platform. However, traders must meet an interesting requirement before interacting with this cryptocurrency on the exchange.<\/span><\/p>\n

Traders Must Meet $1 Million Portfolio Requirement: SFC<\/span><\/h2>\n

On Wednesday, September 27, Hashkey <\/span>announced<\/span> the listing of the AVAX token on its platform, with trading expected to commence on Thursday, September 28. However, only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million), according to Hong Kong\u2019s Securities & Futures Commission (SFC).<\/span><\/p>\n

\ud83d\udea8 Attention #Crypto Enthusiasts! $AVAX @avax will be available on HashKey Exchange.
\nDeposit and withdrawal are live, and AVAX\/USD trading pairs begins on September 28.
\nProfessional investors, this one is for you ! #CryptoAlert
\nRead more: https:\/\/t.co\/sKNFHDF6oe pic.twitter.com\/ZQpzSmAi39<\/p>\n

\u2014 HashKey Exchange (@HashKeyExchange) September 27, 2023<\/p>\n

Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the only cryptocurrencies approved by the SFC for retail trading as of this writing. Meanwhile, other altcoins like AVAX are restricted to professional investors or individuals with a $1 million portfolio.<\/span><\/p>\n

Since Hong Kong authorized retail crypto trading in August, the Securities & Futures Commission has placed significant restrictions on the operations of exchanges, including Hashkey. For instance, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process.<\/span><\/p>\n

According to <\/span>CoinGecko data<\/span>, Hashkey, the first to receive a retail crypto license in Hong Kong, has a daily trading volume of roughly $4.93 million, which pales compared to its global counterparts. For context, Binance, the world\u2019s largest crypto exchange, boasts a <\/span>24-hour trading volume<\/span> of nearly $4.9 billion.<\/span><\/p>\n

AVAX Price Continues Decline In September<\/span><\/h2>\n

Although the listing of AVAX on the Hashkey exchange poses a potential opportunity for increased adoption, it is worth noting that the cryptocurrency’s price has been struggling in recent months. And September wasn’t different for AVAX, as the token lost nearly 14% of its value in the past 30 days.<\/span><\/p>\n

This continuous decline underscores Avalanche\u2019s overall performance in 2023, which reflects the uncertain condition of the general market. The cryptocurrency has been on an estimated 58% plunge since notching a high of $21 in April.<\/span><\/p>\n

According to <\/span>data from CoinGecko<\/span>, the Avalanche token changed hands for $8.91, with a 0.31% dip in the last 24 hours. <\/span>As of this writing, the cryptocurrency has a daily trading volume of $117,251,082, reflecting an 18.4% rise in the past day. Avalanche ranks as the 24th-largest cryptocurrency, with a market cap of over $3.1 billion.<\/p>\n

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