HashKey Global

The parent company is HashKey Group, founded in 2018 by Dr. Xiao Feng. The group is registered in Hong Kong (parent company HashKey Holdings Limited, code 3887.HK) and has offices in Singapore, Japan, Ireland, and the UAE. HashKey Global itself is incorporated as an exempt company with limited liability in Bermuda (registration number 202302864). Key milestones: April 8, 2024 - spot trading launch; May 27, 2024 - Launchpool launch (first project - Polyhedra Network); June 25, 2024 - derivatives approval from BMA and start of futures trading; November 26, 2024 - initial listing of the native token HSK on several exchanges, including the platform itself. In January 2024, HashKey Group closed a Series A round for nearly $100 million at a valuation exceeding $1.2 billion (lead investor - OKX Ventures). In February 2025, the group raised an additional $30 million from Gaorong Ventures, bringing the valuation to approximately $1.5 billion. By December 2024, HashKey Global had 910,000 registered users, with daily trading volume reaching $250 million. The platform became profitable within two months of launch and by July 2024 had entered the top ten largest exchanges by volume on CoinGecko. Regulation and Licenses HashKey Global operates under a full Class F license from the Bermuda Monetary Authority (BMA) in accordance with the Digital Asset Business Act 2018. In addition to Bermuda, the group implements a multi-jurisdictional strategy: Ireland : subsidiary HashKey Europe Limited received a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland on January 7, 2025, ensuring compliance with the EU's Fifth Anti-Money Laundering Directive. UAE (Dubai) : HashKey MENA FZE received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) on January 13, 2025, and a full VASP license for exchange and broker-dealer services on May 12, 2025. Singapore : HashKey OTC received a Major Payment Institution license from the Monetary Authority of Singapore (MAS) in late 2024. The platform strictly does not serve residents of the US, mainland China, Hong Kong, and sanctioned jurisdictions. KYC/AML is mandatory for all users. In October 2024, the Sumsub verification system was integrated (automatic document verification, facial recognition, deepfake protection, address confirmation) - average verification time is about 20 seconds. In September 2024, a contract was signed with Elliptic for transaction monitoring (KYT) and tracking high-risk activities. No regulatory lawsuits, investigations, or fines have been recorded against HashKey Global. Products and Fees Spot Trading - launched on April 8, 2024 with 21 assets (including BTC , ETH , USDT, USDC, AVAX , MATIC, LINK , etc.); listings and delistings are conducted based on the Internal Token Acceptance Policy. Perpetual Futures - launched on June 25, 2024; available with leverage up to 20x (announced for "fiat-margined" futures in early 2026), supporting conditional orders, stop-loss, and trailing stop. Launchpool/Launchpad - first campaign on May 27, 2024; by 2025-2026, over 20 campaigns for distributing new tokens had been conducted. Over-the-Counter Trading (OTC) - HashKey OTC Global (an affiliated group entity) facilitates large order execution with settlements in multiple fiat currencies, partnering with Standard Chartered for fast settlements. Native Token HSK - ERC-20 standard, fixed supply of 1,000,000,000 coins. Distribution: 65% - ecosystem growth fund, 30% - team, 5% - reserve. Placed without a public sale (ICO). Utilities: discounts on trading fees (including maker discounts when settling in HSK), fee waivers for withdrawals of certain assets, priority access to token sales, and a market maker program. A buyback and burn mechanism funded by net profit is planned. API : REST and WebSocket (public market data, authenticated trading), FIX protocol - available upon request. Exchange fees are calculated using a multi-tier VIP system based on rolling volume. Current rates: maker 0% , taker 0% . The platform periodically runs zero-fee campaigns (e.g., "zero-fee futures" starting September 27, 2024). Copy trading, P2P marketplace, bank cards, consumer lending, options, and NFT marketplace are not documented for HashKey Global. Volumes and Liquidity 24-hour spot trading volume: $439.8K . Trust score: 8 . According to CoinGecko, in July 2024, the exchange entered the top ten global CEXs by volume (historical trend). In December 2024, daily volume was reported at $250 million. In February 2025, the delisting of ten perpetual contracts (ALEUSDT, APEUSDT, etc.) was announced, with automatic position closure at the average mark price of the last 30 minutes of trading. Security and Incidents Client assets are stored in segregated wallets, separate from the company's own funds, with 90% in cold wallets. Hot wallets are 100% insured at the platform's expense; group communications mention insurance from OneInfinity by OneDegree (up to $200 million). FIPS 140‑2 Level 3 hardware security modules (HSM) are used for key generation and storage. Annual financial audits under IFRS are conducted by an international Big Four audit firm. Proof of Reserves: some sources ( Gemini ) claim that HashKey Global regularly publishes PoR audits by independent third parties, maintaining a reserve level of 110%. However, the official support page and help center do not contain links to such reports for the Bermuda platform; PoR audits are documented for the Hong Kong HashKey Exchange . It is recommended to check the current status on the exchange's website. Incidents: February 20, 2025 - the listing of the CATI token caused a traffic spike, leading to a login and trading outage lasting about 15 minutes; a compensation plan was subsequently published. December 3, 2025 - planned system upgrade with possible temporary instability. March 21 and March 28-29, 2026 - partner bank system updates temporarily affected fiat deposits/withdrawals. April 3, 2026 - withdrawal resumption after a planned update. No hacks, cyberattacks, or theft of funds from the platform have been recorded. Only fraudulent websites impersonating HashKey Global have been reported (referred to the Hong Kong police). Related Individuals Xiao Feng (Xiao Feng, also known as Feng Xiao) - founder and chairman of the board of HashKey Group. Holds a doctorate in economics from Nankai University (2003), previously president of Bosera Asset Management Co., Ltd. from 1998 to 2011, and vice-chairman of China Wanxiang Holding Co., Ltd. since 2012. Founded Wanxiang Blockchain Labs, Fenbushi Capital, and the PlatON network. Recognized as an early blockchain pioneer in China, with over 30 years of experience in finance, asset management, and securities. Ben Hazim El-Baz (Ben Hazim El-Baz, also known as Ben El-Baz) - Managing Director of HashKey Global and Head of International Markets. Has been with HashKey Group since 2018; previously held positions as Head of Global Licensing and Expansion, Executive Director of HashKey Europe Limited and HashKey Bermuda Limited, and Non-Executive Director of HashKey Token Limited. Co-founder of the Stanford Blockchain Collective, taught cryptocurrencies and blockchain at Stanford University. Deng Chao - CEO of HashKey Capital (the group's venture arm), raised capital for Fund IV (preliminary close in December 2025). Legal entity: HashKey Bermuda Limited (HBML), exempt company, registration 202302864. Parent holding company: HashKey Holdings Limited (code 3887.HK). Potential Regulatory licenses in three jurisdictions (Bermuda, Ireland - access to the EU market, UAE - access to the Middle East) create a foundation for international expansion. The partnership with Standard Chartered for fiat settlements (MENA corridor) and the launch of OTC solutions provide an advantage in attracting institutional clients. Ongoing listings, Launchpool campaigns, and the native HSK token with a burn mechanism could drive user engagement. The growth in registered users (from zero to 910,000 in eight months) and rapid profitability indicate initial market adoption. Risks [Identified by Finkonkurs AI Analytics System] Regulatory Risks : dependence on the regimes of Bermuda, Ireland, and the UAE. Changes in legislation in any jurisdiction (tightening of DABA, the EU's 6th AML Directive, VARA requirements) could affect product availability. Ownership Concentration : HashKey Group is a private company; founder Xiao Feng, as well as OKX Ventures among shareholders, exert significant influence. The lack of public reporting (except for the mentioned IFRS audits) reduces transparency. Competition : the CEX market is saturated - Binance , OKX , Bybit , Coinbase, and others have significantly larger volumes and audiences. HashKey Global must continue to differentiate through its regulated status. Operational Incidents : although no hacks have occurred, the outage in February 2025 (trading halt for 15 minutes) and technical work affecting fiat channels could undermine trust. Proof of Reserves Inconsistencies : official channels do not publish PoR for Bermuda, although the group claims a 110% reserve. Without regular independent confirmations, questions about solvency from users may arise.