China Merchants Bank Subsidiary Launches Licensed Crypto Exchange in Hong Kong

Key Notes

• CMB International received official licenses from Hong Kong’s Securities and Futures Commission in July for compliant trading.
• The exchange offers Bitcoin, Ethereum, and USDT trading exclusively through its mobile app in Hong Kong territory.
• China Merchants Bank ranks among the world’s top 25 banks with over $18 billion in assets under management.

CMB International, a subsidiary of China Merchants Bank, launched an officially licensed, bank-affiliated cryptocurrency exchange in Hong Kong on Aug. 18.

According to a report from Weixin Official Accounts Platform, CMB International has begun conducting cryptocurrency trading in Hong Kong in compliance with regulations.

China Merchants Bank was awarded licenses from the Hong Kong Securities and Futures Commission in July that allow the firm to deal in securities and conduct automated trading services in compliance with the regulatory body’s Securities and Futures Ordinance and recently approved Stablecoin Ordinance.

Per the report, services will be offered through the CMB International mobile app and will include virtual asset trading for Bitcoin

BTC
$116 739



24h volatility:
1.0%


Market cap:
$2.32 T



Vol. 24h:
$44.29 B

, Ethereum

ETH
$4 369



24h volatility:
3.6%


Market cap:
$527.32 B



Vol. 24h:
$48.48 B

, and the Tether

USDT
$1.00



24h volatility:
0.0%


Market cap:
$166.83 B



Vol. 24h:
$100.19 B

stablecoin. The bank now offers such services in the China region, however its cryptocurrency-related operations are limited to the Hong Kong area and, by law, remain illegal in the broader mainland China territory.

CMB International’s Market Position and Regulatory Framework

CMB International joins several other financial institutions in Hong Kong that have embraced cryptocurrency services. ZA Bank, Hong Kong’s largest digital bank, launched retail crypto trading services in November 2024, while Mox Bank (a Standard Chartered subsidiary) began offering crypto investment products in August 2024. HSBC has also been active in the space, providing Bitcoin and Ethereum ETF trading since 2023 and operating its Orion digital assets platform for institutional clients.

China Merchants Bank is among the top 25 banks in the world by assets under management, according to data from S&P Global. It reportedly has more than $18 billion in assets under management.

While it isn’t the first cryptocurrency exchange to open in Hong Kong, it operates under the Hong Kong Securities and Futures Commission’s “Type 1” and “Type 7” licenses. As Coinspeaker recently reported, China’s central bank, the People’s Bank of China (PBoC), has begun a broader push for increased virtual assets support from the government.

In July it formally asked government officials to explore using stablecoins for cross-border payments. While the blanket cryptocurrency ban remains in effect in China outside of Hong Kong, the potential consideration for stablecoins is broadly seen as a viable entry point for the People’s Republic.

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Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.

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