Best Crypto Exchanges in Hong Kong

Hong Kong has re-emerged as a global crypto hub in 2025, driven by its new Virtual Asset Trading Platform (VATP) licensing regime. The Securities and Futures Commission (SFC) has now approved 11 licensed exchanges, providing a regulated and transparent environment for investors.

But not every trader wants strict KYC. That’s why many still choose no-KYC international platforms like KCEX, MEXC, Bitunix, Tapbit, BTCC, Phemex, and Blofin — offering higher leverage, lower fees, and broader token access.

Let’s break down the best licensed exchanges in Hong Kong and the top global alternatives.

🇭🇰 Licensed Exchanges in Hong Kong

1. OSL Exchange

First listed and licensed VATP in Hong Kong.
Provides custody, brokerage, and trading services.
$1B insurance coverage — highest in the region.
Supports direct HKD deposits/withdrawals.
Best for: Institutional investors & high-net-worth individuals.

2. HashKey Exchange

ISO-certified for security & privacy.
Retail and institutional services.
Recently partnered to launch Hong Kong’s first stablecoin-enabled multi-strategy fund.
Best for: Retail investors looking for regulated access.

3. HKVAX

Focused on tokenization and STOs (security token offerings).
Strong custody solutions with insurance.
Best for: RWA (real-world asset) investors.

Other licensed VATPs include HKbitEX, Accumulus, DFX Labs, EX.IO, PantherTrade, YAX, Bullish, and BGE, each adding liquidity and diversity to Hong Kong’s growing crypto ecosystem.

Top No-KYC Alternatives for Hong Kong Traders

While licensed VATPs ensure compliance, they often lack derivatives, leverage, and altcoin access. That’s where global no-KYC exchanges dominate:

1. KCEX – Privacy-First Futures Exchange

100x leverage, ultra-low fees (0% maker / 0.01% taker).
No mandatory KYC for fast signup.
Advanced order types and competitive funding rates.
👉 Trade on KCEX

2. MEXC – High Leverage & Deep Liquidity

Supports 500x leverage on select contracts.
Over 1,000 trading pairs.
0% maker fees on many futures pairs.
👉 Start trading with MEXC

3. Bitunix – Copy Trading + Regulation

Up to 125x leverage across 400+ perpetuals.
Beginner-friendly copy trading.
Licensed in multiple regions, including North America.
👉 Try Bitunix today

4. Tapbit – Security & Insurance Focused

150x leverage with strong compliance standards.
Insurance fund protects against system losses.
Sleek mobile-first interface.
👉 Trade securely on Tapbit

5. BTCC – Veteran Exchange

Operating since 2011 — one of the world’s oldest crypto exchanges.
Simple perpetual contracts with up to 150x leverage.
👉 Sign up for BTCC

6. Phemex – Pro Derivatives Platform

100x leverage with advanced portfolio margin.
Popular among professional futures traders.
👉 Trade on Phemex

7. Blofin – Derivatives Specialist

Focused on perpetuals and structured products.
Flexible leverage tiers and exotic pair listings.
👉 Explore Blofin

Which Should You Choose?

Licensed Exchanges (OSL, HashKey, HKVAX) → Safer, compliant, HKD support, strong custody.
No-KYC Alternatives (KCEX, MEXC, Bitunix, Tapbit, BTCC, Phemex, Blofin) → Higher leverage, broader markets, global access, faster signup.

Final Thoughts

Hong Kong has become a dual-track crypto hub:

Regulated VATPs like OSL and HashKey serve institutions and cautious retail.
Global players like KCEX, MEXC, and Tapbit attract traders who prioritize privacy, leverage, and choice.

Whether you want security under Hong Kong’s SFC framework or freedom with offshore exchanges, 2025 offers more options than ever before.

👉 Ready to start? Trade today.