Rise of Hong Kong Brokers in U.S. Crypto
It’s clear that Hong Kong’s leading brokerages have set their sights on cryptocurrency as the next frontier. Futu Holdings––the parent of the Moomoo trading platform—announced record first-quarter 2025 earnings: a 90 percent jump in earnings per share and an 81 percent increase in revenue, signaling both deep financial resources and the confidence to expand beyond traditional equities. As digital currencies have shifted from fringe speculation to mainstream portfolio components, Moomoo’s leadership recognized an opportunity to become the regulated bridge connecting Asia-Pacific traders directly to U.S. crypto markets. By leveraging Futu’s already vast user base across Hong Kong, Singapore, Japan, and Australia, Moomoo Crypto provides a single on-ramp under a trusted broker-dealer framework—no more juggling multiple exchange accounts or wrestling with cross-border transfers.
On June 6, 2025, Moomoo Crypto debuted with support for 32 major coins—including Bitcoin, Ethereum, Solana, and a host of other altcoins—making it one of the most comprehensive broker-offered crypto lineups in the U.S. market. Beyond simply listing tokens, the platform is backed by Coinbase Custody Trust Company, ensuring institutional-grade security: the bulk of client funds are held in cold storage, SOC-2 compliance is maintained, and insurance coverage guards against theft or hacking. By integrating zero-commission spot trading and accessing Coinbase’s deep liquidity pools, Moomoo undercuts many standalone exchanges on costs and slippage. This unified experience—where equities and crypto coexist within the same familiar app interface—represents a fundamental shift in how Asia-Pacific retail and institutional traders access digital-asset markets.
For anyone in Hong Kong, Singapore, Japan, or Australia who has long dreamed of trading U.S.-listed cryptocurrencies seamlessly, Moomoo Crypto delivers precisely that. Instead of maintaining separate U.S. exchange logins or wrestling with cumbersome wire transfers, clients simply use their existing Moomoo accounts to tap into 32 major coins. On top of that, Hong Kong’s own regulatory environment—reshaped in mid-2023 with retail virtual-asset licensing—positions the city as an Asia-Pacific crypto hub. Moomoo’s intention to secure its Hong Kong Retail Virtual Asset Trading License (VATL) indicates that the U.S. launch is only the beginning. Ultimately, Asia-Pacific traders will be able to open local Moomoo Crypto accounts in Hong Kong, Singapore, Japan, and Australia, benefiting from on-shore fiat on-ramps, local customer support, and streamlined tax reporting. In a world where volatility can feel overwhelming, having a single, regulated, Coinbase-backed platform to access U.S. digital assets eases so many logistical and compliance burdens, setting the stage for broad adoption and deeper capital flows between the two leading financial centers.
Background of Futu Holdings and Moomoo
Futu Holdings Ltd. is a Hong Kong-based online brokerage that has expanded aggressively since its 2019 IPO. By the end of March 2025, the company reported 2.67 million funded accounts—up 41.6 percent year-over-year—and total client assets of HK$829.8 billion (approximately US$107 billion). Net income in Q1 2025 soared 107 percent to HK$2.14 billion, driven by record trading volumes and efficient cost management. Through its subsidiaries, Futu operates the Moomoo brand in the United States, Japan, and Australia, and even serves Canadian clients via a partnership with Questrade. This truly global footprint has allowed Futu to capitalize on cross-border capital flows and rising investor interest in both equities and emerging digital assets, positioning it as a leading fintech innovator across the Asia-Pacific region.
Originally launched in late 2018 as a U.S.-focused zero-commission equities app, Moomoo distinguished itself by offering advanced real-time market data—Level 2 quotes with up to 60 bid/ask levels—advanced charting tools, and a community-driven social feed. In August 2021, Moomoo expanded into Singapore, becoming the first digital broker in Southeast Asia to provide 24-hour access to U.S. stock markets with no minimum deposit. Retail adoption in Singapore accelerated rapidly as users appreciated both the cost savings and the platform’s intuitive interface. In late 2023, Moomoo launched in Japan after securing approval from the Japan Financial Services Agency. By that point, it offered over 7,000 U.S.-listed stocks to Japanese investors, along with analyst research and a sentiment feature that let users track top traders’ portfolios.
During 2024 and early 2025, Moomoo continually enhanced its feature set: in-app news feeds, AI-driven stock screening tools, and a multi-asset portfolio dashboard that unified equities and futures analytics. These developments provided the technological foundation for a seamless crypto integration. Moomoo’s mobile and desktop interfaces prioritize intuitive navigation, allowing users to access real-time data, customizable technical indicators, and community insights without switching platforms. This high engagement and low friction experience set the stage for adding cryptocurrency as another asset class.
From a strategic standpoint, expanding into crypto represented the next logical step to deepen user engagement and diversify revenue. Futu’s existing user base—over 26 million registered accounts across all its platforms and nearly 5 million brokerage accounts—offered a ready pool of potential cross-sell targets. By partnering with Coinbase Custody Trust Company, Moomoo could immediately offer a wide coin list (32 at launch) without building a proprietary custody and execution infrastructure. Rather than reinventing the wheel, Moomoo taps into Coinbase’s institutional-grade security and liquidity. Zero-commission spot trading follows Moomoo’s existing equities approach, letting the platform subsidize initial orders to attract both retail and institutional participants. Ancillary revenue streams—margin interest, staking fees down the line, and premium data or community subscriptions—promise additional long-term growth. In short, Futu’s financial strength, Moomoo’s cross-border fintech architecture, and Coinbase’s established crypto infrastructure combine to create a compelling value proposition: a regulated, integrated gateway for Asia-Pacific traders to access U.S. crypto markets under one unified platform.
Details of the Hong Kong Broker’s U.S. Crypto Launch
Moomoo Crypto’s debut on June 6, 2025 marked the beginning of an ambitious expansion. The initial rollout focused exclusively on existing Moomoo U.S. customers—anyone with a funded account through Moomoo’s equities services automatically qualified. Over the following weeks, the platform gradually opened to new accounts and qualified clients, ensuring that demand could be managed and technical scaling could proceed smoothly. Under the hood, Moomoo Crypto runs on Coinbase’s “Crypto-as-a-Service” (CaaS) infrastructure, meaning that all custody and execution flows go through Coinbase’s regulated entities. This setup guarantees U.S. market compliance, deep liquidity, and institutional-grade custody without requiring Moomoo to build those capabilities in-house.
At launch, Moomoo Crypto supported 32 coins—one of the broadest selections available through a traditional broker in the U.S. market. Leading names like Bitcoin and Ethereum were joined by Solana, Cardano, XRP, Chainlink, and a host of other proven altcoins. This breadth surpassed the standard nine-token roster of other brokerages and offered Asia-Pacific traders extensive diversification opportunities. Trading was zero-commission, with Moomoo generating revenue via tight, spread-based trading. Orders were routed to Coinbase’s execution venues, delivering competitive fills and minimal slippage. The Moomoo app itself was updated to display real-time crypto quotes, order-book depth, and candlestick charting tools alongside equities data, allowing users to toggle effortlessly between stock and crypto dashboards.
Custody and settlement are handled entirely by Coinbase Custody Trust Company, a New York trust regulated by the New York Department of Financial Services. The majority of user assets reside in offline cold storage, protected by AES-256 encryption and geographically dispersed secure vaults. This cold-storage approach is backed by insurance coverage against theft, hacking, and internal malfeasance, giving Asia-Pacific institutional clients confidence when executing large BTC or ETH trades. Rather than building its own custodial framework, Moomoo benefits from Coinbase’s existing insurance disclosures and audit trails, expediting regulatory compliance while minimizing counterparty risk.
While the U.S. launch was critical to leveraging Coinbase’s infrastructure, Futu clearly intends to expand Moomoo Crypto into Asia-Pacific markets before year’s end. The first target is Hong Kong, where Moomoo has announced plans to apply for a Retail Virtual Asset Trading License (VATL) under the SFC’s guidelines. Once approved—likely in late 2025—Moomoo Crypto will offer retail trading services in Hong Kong under Moomoo Securities (Hong Kong) Limited, complete with on-shore fiat deposits, local customer support, and streamlined account opening. Singapore and Japan follow closely behind: in Singapore, Moomoo already holds a Major Payment Institution license, positioning it to add crypto services once the Monetary Authority of Singapore finalizes its digital-asset regulatory rules. In Japan, Moomoo’s existing approval to offer U.S. equities under the Financial Services Agency gives it a strong foundation to secure a Virtual Currency Exchange Business License. When local rollouts occur, Asia-Pacific traders will no longer need U.S.-based accounts; instead, they can open local Moomoo Crypto accounts, simplifying onboarding and reducing cross-border compliance friction.
Competitive Landscape: Asia-Pacific Brokers Targeting U.S. Crypto
Asia-Pacific brokers have moved quickly to capture cross-border U.S. crypto demand, each bringing distinct strengths and limitations. Interactive Brokers (IBKR), though headquartered in the U.S., boasts substantial penetration across Asia. In April 2025, IBKR expanded its crypto selection to include Chainlink, Avalanche, and Sui, joining an existing lineup of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Solana, Cardano, Ripple, and Dogecoin. Crucially, IBKR integrates crypto into its main trading platform, so Asia-based clients can view and trade crypto alongside stocks, options, and futures under a single account. However, IBKR charges commissions—typically 0.12 percent to 0.18 percent per trade—and levies a monthly subscription fee for its “Crypto Plus” service. This premium cost structure can deter Asia-Pacific retail traders accustomed to zero-commission models. IBKR’s approach also lacks any dedicated Asia-on-ramp focus; it simply extends its existing global brokerage to include crypto.
Tiger Brokers—formerly UP Fintech—launched cryptocurrency deposit and withdrawal services in Hong Kong on May 14, 2025, becoming one of the few brokers licensed under the SFC’s Virtual Asset Trading Platform regime. Tiger enables retail clients to deposit, trade, and withdraw Bitcoin and Ethereum with zero commission, substantially enhancing its digital-investment capabilities. Yet Tiger’s crypto offering remains limited to basic spot trading without a built-in bridge to U.S. exchanges. For Asia-Pacific traders seeking direct access to U.S. order books and custody, Tiger’s model requires routing through offshore exchanges or traditional brokers like IBKR. Moreover, while Tiger maintains licenses in the U.S., Australia, New Zealand, Hong Kong, and Singapore, its Hong Kong operations rely on an in-house hot wallet architecture rather than partnering with an institutional custodian like Coinbase. Insurance coverage on Tiger’s holdings is generally more limited, and many institutional allocators view this as a heightened counterparty risk compared to Moomoo’s Coinbase-protected framework.
Local crypto exchanges such as Binance Singapore and Huobi Hong Kong remain popular among Asia-Pacific investors, thanks to extensive token selections and straightforward fiat on-ramps. However, these platforms lack broker-dealer status, meaning they cannot integrate equities and crypto under one roof. They also charge per-trade fees—typically 0.1 percent to 0.2 percent—that can erode returns for retail and institutional clients alike. Additionally, each exchange demands its own KYC process, resulting in inefficiencies for institutional allocators moving large sums across multiple venues. In contrast, Moomoo provides a single KYC/AML experience—once for both equities and crypto—allowing consolidated portfolio views, unified risk management, and streamlined compliance.
Against this backdrop, Moomoo Crypto stands out on several fronts. First, its coin roster of 32 at launch surpasses any rival broker in the U.S., enabling Asia-Pacific traders to diversify into mid-cap and proven altcoins without leaving the Moomoo ecosystem. Second, the unified app lets users switch between equities and crypto seamlessly, with real-time quotes, order-book depth, and advanced charting tools. Other brokers either silo crypto into a separate module or require different logins altogether. Third, Moomoo’s zero-commission, spread-based pricing undercuts IBKR’s commissions and Tiger’s small fees, offering Asia-Pacific clients a more cost-efficient path to U.S. markets. Fourth, by partnering with Coinbase Custody Trust Company, Moomoo provides institutional-grade security: cold storage, insurance coverage, and compliance transparency, which few competitors can match. Finally, Moomoo’s Asia-first regulatory roadmap—applying for a Hong Kong VATL in mid-2025, followed by licenses in Singapore, Japan, and Australia—ensures that local rollouts are imminent. When those licenses arrive, Asia-Pacific traders will benefit from local fiat on-ramps, native currency wallets, and localized tax-reporting tools, all while retaining access to U.S. digital assets.
Technological Infrastructure and Security
Moomoo Crypto builds upon Moomoo’s advanced equities infrastructure, offering real-time Level 2 market data and technical charting tools that have now been extended to crypto markets. Asia-Pacific traders benefit from seamless toggling between equities and digital assets within the same app, supported by live quotes, volume data, and 60-depth order books. This infrastructure is designed to meet the expectations of both retail users and institutions executing large-volume trades. Indicators like RSI, MACD, Bollinger Bands, and moving averages are available across all coins. Moomoo’s unified dashboard ensures users don’t need to switch apps or dashboards to monitor equities and digital assets—critical for cross-asset strategies.
Security is ensured through Coinbase Custody Trust Company, which safeguards user funds via cold storage wallets that are SOC-2 certified and insured against theft and cyberattack. Coinbase’s infrastructure ensures private keys never touch internet-connected systems, and backup systems are geographically distributed. Moomoo complements this with 2FA, biometric login options, TLS encryption, AES-256 data protection, and machine-learning-based fraud detection. Moomoo’s backend undergoes quarterly third-party penetration testing, and all crypto asset transactions are logged and auditable under New York trust law and, eventually, Hong Kong’s VATP regime. The combination of Coinbase’s security and Moomoo’s infrastructure creates a fortress-like environment for Asia-Pacific investors handling digital assets across borders.
Future Outlook and Expansion Plans
Moomoo’s next steps involve obtaining a Retail Virtual Asset Trading License (VATL) in Hong Kong, followed by equivalent licensing in Singapore, Japan, and Australia. The SFC has already granted preliminary licenses to nine platforms, with more expected in the second half of 2025. Moomoo’s entry into Hong Kong will bring onshore fiat support for HKD, streamlined compliance under local laws, and faster settlement for Asia-based users. In Singapore, Moomoo’s status as a Major Payment Institution positions it well for a smooth entry, pending MAS finalization of digital asset licensing standards. In Japan, where Moomoo already holds a license to offer U.S. stocks, expansion into crypto is contingent on obtaining a Virtual Currency Exchange Business License, which would allow localized crypto access in yen.
Further innovations are on the roadmap. Copy trading—mirroring top-performing portfolios—is expected in Q3 2025, while crypto margin trading is in development for a late 2025 rollout. Staking for ETH2, SOL, and AVAX is targeted for H1 2026 and will follow Hong Kong’s staking guidelines. Tokenized futures on BTC and ETH—similar to CME contracts—may launch in Q3 2026 pending CFTC and SFC approvals. Over time, Moomoo may integrate access to select DeFi platforms via vetted liquidity protocols using Coinbase’s backend—bridging centralized custody with decentralized finance under a compliant, insured umbrella. These enhancements will appeal to institutions and sophisticated traders across Asia-Pacific, solidifying Moomoo as a full-spectrum digital asset gateway.
Strategic Recommendations
Retail traders in Hong Kong, Singapore, Japan, and Australia should register now with Moomoo’s U.S. entity to gain early access to zero-commission crypto trading. Institutional allocators—including family offices and funds—should establish direct contacts with Moomoo’s regional relationship managers to negotiate execution spreads and explore API integrations for algorithmic trading. All users should monitor license approvals closely in their jurisdictions so they can transition from U.S.-based to local accounts as soon as onshore services launch. Institutions must also engage with legal and tax professionals to prepare for cross-border reporting under FATCA and CRS, especially as Moomoo expands multi-jurisdictionally. In short, Moomoo’s model provides Asia-Pacific clients with scalable, secure, and cost-efficient exposure to U.S. digital assets—and now is the time to engage, onboard, and build allocation strategies that align with regulatory developments in 2025 and beyond.
