HashKey Exchange has received approval to open client money accounts with JPMorgan, the latest step in its effort to broaden banking relationships. The approval comes just weeks after the Hong Kong-based cryptocurrency exchange launched similar customer fund accounts with DBS Bank.
A second major banking partner
The JPMorgan accounts will allow HashKey to hold client funds at one of the world's largest banks, adding a layer of institutional credibility. DBS, Southeast Asia's biggest lender, had already begun providing the same service. Having two major global banks as partners gives HashKey flexibility in how it manages customer money and could help reassure regulators and users alike.
HashKey Exchange is a licensed virtual asset trading platform in Hong Kong. It has been working to build out its infrastructure as the city positions itself as a regional crypto hub. The approvals with both DBS and JPMorgan suggest the exchange is making progress in securing traditional banking support.
Timing of the approvals
The DBS accounts were launched weeks before the JPMorgan approval was granted. The exact dates were not disclosed, but the sequence shows a deliberate push to diversify banking relationships. JPMorgan's decision to approve the accounts is notable given the U.S. bank's historically cautious stance toward cryptocurrency firms.
Neither HashKey nor the banks have commented on the specific terms of the accounts or the amounts involved. The accounts are expected to be used for client fund segregation, a common requirement for licensed exchanges.
The approvals come as Hong Kong's Securities and Futures Commission tightens rules around virtual asset trading platforms, including requirements for proper custody and segregation of client assets. HashKey's ability to secure accounts with two of the region's most prominent banks could give it a competitive edge as the regulatory landscape evolves.
