International broker Interactive Brokers has partnered with OSL to offer retail customers crypto trading in Hong Kong.
American trading giant Interactive Brokers has become the first securities broker in Hong Kong to be approved to allow retail customers to trade crypto.
In an effort to expand its services in the city the brokerage giant selected OSL, Hong Kong’s public cryptocurrency company, to trade Bitcoin (BTC) and Ethereum (ETH), according to a blog announcement published by OSL on Nov. 28 2023. Under the partnership agreement, Interactive Brokers’ retail investors in Hong Kong now have access to crypto trading “through a single unified platform powered by OSL.”
“This expansion with Interactive Brokers is a testament to our enduring commitment to lead the regulated evolution of the digital asset market.”
OSL CEO Hugh Madden
David Friedland, Head of APAC for Interactive Brokers, said the latest expansion is in line with the firm’s core mission as demand for cryptocurrency exposure as a means of diversification “continues to rise.” The New York-based broker will charge users in Hong Kong 0.20% – 0.30% of trade value, depending on monthly volume, with a $2.25 minimum per order.
On Nov. 24, 2023 the Hong Kong-based securities firm Victory Securities also shared that it had received approval from the Securities & Futures Commission of Hong Kong to provide virtual asset trading and consulting services to retail investors.
According to Victory Security’s executive director Chen Peiquan, this achievement marks a historic milestone, positioning the firm as the inaugural licensed corporation in Hong Kong to be granted permission to extend these services to retail investors.