Hong Kong's Securities and Futures Commission (SFC) has granted a virtual asset trading platform licence to NewBX Limited, the entity behind crypto exchange Bixin , bringing the number of officially licensed platforms in the city to 13.
The licence authorises NewBX to conduct regulated activities under Type 1 (dealing in securities) and Type 7 (providing automated trading services). It also covers operation of a virtual asset exchange under Hong Kong's Anti-Money Laundering and Counter-Terrorist Financing Ordinance – the dual-licensing structure that all platforms operating in the city must now satisfy.
NewBX is a Hong Kong-registered subsidiary of Bixin Group, a crypto conglomerate with Chinese roots that traces its history back to 2014, when it launched as HaoBTC, one of the earlier Bitcoin exchanges to gain traction in Asia. It rebranded as Bixin and expanded well beyond trading, building out a business that now spans crypto mining hardware and operations, custody and hardware wallets, venture capital, and retail exchange services. The company filed its VATP licence application with the SFC in January 2024 and has been operating under a transitional "deemed licensed" status since June of that year while the application was assessed.
NewBX joins a licensed roster that includes OSL Digital Securities, HashKey Exchange, Bullish, Victory Fintech (which trades as VDX), PantherTrade – a subsidiary of brokerage group Futu Holdings – and YAX, operated by Tiger Brokers. Six additional applicants remain under review by the SFC.
The steady accumulation of licensed platforms reflects Hong Kong's ongoing effort to position itself as the regulated crypto hub for Asia, a strategy the city has pursued with some urgency since introducing its mandatory VATP licensing regime in 2023. Under that framework, any platform serving retail investors in Hong Kong is required to hold an SFC licence – a response, in part, to the high-profile exchange failures of 2022 and the regulatory fragmentation that followed. The regime was designed to give the city a credibility advantage over less regulated jurisdictions in the region.
Progress has been measured rather than rapid. Some applicants have been in the review process for over a year, and the SFC has shown it is willing to take its time – and, where warranted, to refuse or revoke. With six applications still pending, the total is likely to climb further, though the pace and outcome of those reviews remains at the SFC's discretion.
