ChangeNOW Plans to Apply for a Hong Kong SFC Crypto Trading License After Rapid User Growth in the City
- Written by The Bulletin
HONG KONG SAR - Media OutReach - 8 March 2023 - ChangeNOW, a cryptocurrency exchange platform, has released statistics on its users in Hong Kong, whose numbers have soared in the past few weeks.
Furthermore, the exchange announced its plans to apply for a license from the Hong Kong Securities and Futures Commission (SFC) to provide crypto trading services in the city under the new regulatory framework.
ChangeNOW's metrics indicate that Hong Kong users are highly interested in the platform. Its Hong Kong user base has grown by 62% in February compared to January, according to its figures, showing a steady upswing in demand.
Based on a survey of 389,345 people across 26 countries, the Finder 2022 Cryptocurrency Adoption Index ranks Hong Kong fourth for its adoption of cryptocurrencies. According to it, there are approximately 1.4 million crypto owners in Hong Kong, which represents a 21% ownership rate, higher than the global average of 15%.
The sudden rise in popularity of ChangeNOW in Hong Kong is most probably triggered by a combination of several factors. These include ChangeNOW's good name, extensive product and service infrastructure, an innovative customer service model, along with low fees and fast transaction times.
ChangeNOW has a well-earned reputation for being a trustworthy crypto exchange. This is especially after the case in late 2021 when it returned over $15 million in crypto to Compound, which lost over $89 million due to a system bug. In total, ChangeNOW was able to recover over $19 million in crypto funds.
Over 3.5M users worldwide have taken advantage of the platform's ecosystem built over 6.5 years of operation. Aside from its native non-custodial NOW Wallet, ChangeNOW also offers a portfolio tracker and crypto payment service. In addition, it provides an affiliate program and custody solutions for businesses.
Beginners will find the platform’s interface easy to use, and Mandarin localization aims to make it accessible to Chinese-speaking Hong Kong residents. ChangeNOW allows Hong Kong users to buy, sell, and exchange more than 800 crypto assets and 40 fiat currencies, including HKD and USD, through a mobile and web-friendly interface.
However, ChangeNOW's key feature is its non-custodial nature. The crypto industry is still reeling from the FTX/Almeda scandal, involving Bankman-Fried and his fellow founders stealing $8 billion from FTX customers' crypto deposits for Alameda's own purposes. This is a major reason for ChangeNOW's growing popularity in Hong Kong, as its non-custodial model ensures that there is no risk of users’ funds being misused in any way.
Additionally, the platform’s fixed rate options along with the fees built into the exchange rate, make it a popular choice among users who prefer to know what they're getting up front.
Although other exchanges have also announced expansion plans in Hong Kong, the number of Hong Kongers exchanging assets with ChangeNOW continues to rise. This highlights the fact that ChangeNOW's user base is growing in the region despite the increased competition.
With its licensing plans in Hong Kong, ChangeNOW further cements its commitment to bringing cryptocurrency exchange services on an international scale in an efficient, compliant manner.
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