Moomoo, the US-based arm of Hong Kong brokerage Futu, has activated cryptocurrency trading for retail clients in Texas and launched wallet deposit and withdrawal functionality across its US operations. The Texas rollout gives local investors access to 52 digital assets with zero commission trading, joining existing coverage in California, New Jersey, and Pennsylvania. The new direct transfer capability allows clients to move supported cryptocurrencies between external Web3 wallets and their Moomoo accounts via Moomoo Crypto Inc, while maintaining separate access to traditional securities through Moomoo Financial Inc.
The development mirrors recent moves by established brokers entering regulated crypto infrastructure. IG Group recently obtained a UK cryptoasset licence from the Financial Conduct Authority, enabling similar deposit and withdrawal features for its client base. Moomoo’s approach segments crypto activity under a separate legal entity while enabling clients to convert holdings to fiat for deployment across other investment products on the unified platform.
For multi-asset brokers, this illustrates the operational complexity of integrating digital assets under existing regulatory frameworks. Firms pursuing similar strategies must navigate state-by-state money transmission requirements in the US alongside maintaining clear entity separation between securities and crypto operations. The wallet connectivity feature represents a hybrid model between traditional custody and decentralised finance that demands robust compliance infrastructure and AML controls.
FXnCO Insight
Brokers expanding into crypto must carefully structure operations across separate legal entities and licence types while building technology that delivers seamless client experience across fragmented regulatory jurisdictions.
Source: Finance Magnates