HashKey Group, operator of Hong Kong’s top licensed crypto exchange, has filed for an initial public offering (IPO) in the city. A Bloomberg report on Friday cited unnamed sources saying the company aims to raise up to $500 million. The listing could take place this year, according to the same sources.
The filing positions HashKey as the first licensed crypto exchange in Hong Kong to pursue a large-scale public listing. The move follows increased regulatory oversight in the city’s digital asset sector and rising institutional activity.
HashKey operates the city’s top crypto exchange by 24-hour trading volume, with nearly $117 million processed at the time of writing, according to CoinGecko data. Its strong presence has also made it a target for impersonation scams.
Scammers impersonate HashKey as volume rises
In January, Hong Kong’s Securities and Futures Commission (SFC) flagged 33 suspicious websites pretending to be HashKey. That brought the total number of known impersonators to 45. HashKey publicly clarified it had no connection to the fraudulent platforms.
The increase in impersonation activity reflects the exchange’s higher profile. The SFC has continued to monitor and warn users about fake trading sites targeting local investors.
HashKey’s legitimate platform operates under Hong Kong’s new licensing framework for virtual asset trading platforms, introduced in mid-2023. This framework requires strict custody and operational standards for licensed exchanges.
Hong Kong tightens crypto rules as IPO plans progress
Hong Kong implemented new custody rules in August. These rules ban the use of smart contracts in cold wallets and impose higher security standards on licensed exchanges. Days later, the SFC issued a warning that the city’s stablecoin framework was increasing fraud risks.
In September, DBS Hong Kong CEO said the stablecoin rules would effectively block onchain derivatives trading. This aligns with the government’s push for a tightly controlled digital asset market.
Around the same time, local media reported that Chinese regulators planned to restrict mainland state-owned enterprises and banks from launching stablecoin or crypto initiatives in Hong Kong. That report was later taken down, but it highlighted the scrutiny surrounding the city’s growing digital finance hub.
HashKey expands beyond trading into funds and staking
HashKey Group has broadened its business over the past year. In September, it launched a $500 million Digital Asset Treasury fund. The company’s CEO said the fund targets disciplined treasury strategies during volatile market cycles.
Earlier, in April, Hong Kong regulators approved HashKey to offer staking services. The exchange planned to provide Ether (ETH) staking for spot exchange-traded funds (ETFs). This approval extended its regulated services beyond spot trading.
In mid-February, HashKey raised $30 million from Gaorong Ventures, valuing the company at $1.5 billion. One month earlier, it became a unicorn, surpassing a $1 billion valuation after raising nearly $100 million at a $1.2 billion pre-money valuation.
These moves show HashKey’s progression from a local trading platform to a multi-vertical digital asset group positioned for public listing under Hong Kong’s regulatory umbrella.