The futures market for bitcoin, ethereum and other digital currencies was introduced to the Hong Kong Stock Exchange Inc (HKEX) last week, but the futures market is set to cease trading from Friday, July 27. The decision by Futu Futures, Hong Kong’s third largest stock trading company, acting on behalf of the Futures Trading Association, has come as a surprise to investors. Futu Futures has stated the “volatility of the digital currency market and the high frequency trading activities” have led to the decision to bring forward the deadline for the cryptocurrency futures to the end of the month. Futu Futures is a member of the Futures Trading Association (FTA), an international organization that sets rules for futures
Futu, the Hong Kong-based brokerage firm, today announced that it will cease offering cryptocurrency futures until regulators in the U.S. and Hong Kong come to an agreement on how they will regulate the trading of futures. Futu is the first major Hong Kong-based brokerage firm to announce plans to end offering cryptocurrency futures and will do so by the end of the year, according to a statement made to Reuters today. Futu is a subsidiary of Hong Kong-based Ko Chang Futures, a brokerage subsidiary of Ko Chang Futures.
Futu, a Hong Kong-based brokerage has suspended trading in crypto futures, according to their website. Futu is a newly launched cryptocurrency exchange, and one of its first products is a crypto futures contract. Futu Crypto Future was launched on April 10th, and Futu indicated that the futures would be launched only to people who held bitcoin, ethereum, or bitcoin cash. Futu stated that only 4,000 people were authorized to trade in Futu Crypto Future, and that Futu was not involved with any other futures trading. Futu also has a futures contract in place for other cryptocurrencies, but Futu has stated that it will not begin trading these futures until the regulatory environment is clearer. Futu stated: “We are currently. Read more about bitcoin futures price and let us know what you think.
A major online brokerage firm in Hong Kong has reportedly suspended futures trading in cryptocurrencies due to regulatory issues.
Futu Securities, one of Asia’s largest trading brokers, has stopped supporting cryptocurrency futures and trading services in response to regulatory requirements, Chinese financial publication Sina Finance reported Thursday.
The platform’s customer service department said the suspension will affect key contracts, including CME bitcoin futures, one of the world’s premier bitcoin futures (BTC) contracts.
The help desk noted that non-Futu crypto products, such as Grayscale Bitcoin Trust and Osprey Bitcoin Trust, will still be available on Futu.
Futu did not immediately respond to Cointelegraph’s request for comment.
Related: Huobi has reportedly temporarily suspended futures trading in some countries.
Futu Securities, founded in 2012, is a Nasdaq-listed investment firm backed by Chinese internet tycoon Tencent. Brokerage firm Future Holdings offers asset management services in countries such as China, Hong Kong and the United States. Founder and CEO Lif Hua Li is a former employee of Tencent.
In early June, Futu’s management announced plans to expand its cryptocurrency services outside China, amid a renewed crackdown by Beijing on bitcoin (BTC) and other cryptocurrencies.
Huobi, one of the world’s largest cryptocurrency exchanges, yesterday restricted crypto-currency derivatives services for new and existing users due to concerns over China’s regulatory restrictions. Last month, Hong Kong regulators reportedly decided to ban trading in Hong Kong after much speculation about a possible ban.
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