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EV Battery Thermal Management System Market to Grow by USD 46.9 Billion from 2024-2028, Driven by Rising EV Demand and Applications–Powered by AI

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NEW YORK, Oct. 7, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global electric vehicle battery thermal management system (EV BTMS) market  size is estimated to grow by USD 46.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  47.99%  during the forecast period.  Increasing demand for evs and their expanded applications is driving market growth, with a trend towards advances in thermal management technology: PCM and GIHP.  However, high capital and maintenance cost  poses a challenge. Key market players include BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics International N.V., Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Battery Type (Li-ion, Lead-acid, and Others), Vehicle Type (Passenger vehicle and Commercial vehicle), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics International N.V., Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH

Key Market Trends Fueling Growth

The Electric Vehicle (EV) battery thermal management system (BTMS) market is experiencing significant growth due to the introduction of high-density batteries and fast chargers in the EV market. These advancements have led to increased heat generation in battery packs, as high-density batteries occupy less space and have minimal surface area for heat dissipation. Fast chargers also rapidly fill battery capacity, generating more heat. To address these challenges, DX EV BTMS is being adopted, while research and development continue to introduce new technologies. The upcoming trends in EV BTMS are phase change materials (PCM) and gas injection heat pump (GIHP) systems. PCM absorbs heat quickly and uses it to change its internal structure, acting as an alternative to passive air cooling for small battery packs. Conventional heaters, such as PTC heaters, have been replaced by heat pumps, which improve battery capacity by 12% in cold climates. GIHP, which uses a gas injector to push refrigerant to the compressor, shared with the AC in the EV, achieves 26% improved efficiency in city driving conditions and consumes 30% less energy to heat from -20°C to 0°C. These factors are expected to drive the growth of the global EV BTMS market during the forecast period. 

The Electric Vehicle (EV) Battery Thermal Management System (BTMS) market is experiencing significant growth, driven by the increasing popularity of EVs in both the passenger car and commercial vehicle sectors. Key players in the market include Continental, LG Chem, and Gentherm. New trends include the use of solid-state batteries and nanotechnology for improved efficiency and temperature management. Lithium-ion batteries are the heart of EVs, and maintaining their temperature is crucial for optimal performance and longevity. OEMs like Tesla Motors, Chevrolet, and others are investing in advanced BTMS to enhance vehicle range, reduce charging time, and improve consumer comfort through features like smart windows and seat comfort. Industrial products and the BEV segment are major contributors to the market’s growth. HEVs, PHEVs, and FCVs also benefit from BTMS, as they require temperature management for their batteries as well. Government subsidies, improving charging infrastructure, and consumer awareness are also boosting market growth. Battery capacity, temperature control, and battery prices are key factors influencing the market. As vehicle sales increase and living standards improve, spending capacity for electric vehicles also rises. CO2 emission norms and the push towards reducing carbon emissions further fuel the demand for EVs and their BTMS. The market includes various components like electric drive, inverter, converter modules, and the electric thermal module. Belt Starter Generators and other electronic components are also essential for effective BTMS. The future of the EV BTMS market looks promising, with advancements in technology and increasing consumer acceptance of electric vehicles. 

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Market Challenges

The global Electric Vehicle Battery Thermal Management System (EV BTMS) market faces significant challenges due to high capital expenditures for battery installation and BMS solutions implementation. Each battery cell in the pack necessitates monitoring through a Battery Management System (BMS), requiring complete integration. The increasing power demands in the automotive sector necessitate high reliability, as a single cell failure can lead to system failure. The EV BTMS technology’s high initial cost for research, development, battery integration, and vehicle onboard unit integration through sensors and software is a significant barrier for small- and medium-sized vendors. Additionally, high maintenance costs from the end-user side to keep the BMS active can result in incorrect outputs and potential battery harm due to various electronic units and sensors. These factors are expected to hinder the growth of the global EV BTMS market during the forecast period.The Electric Vehicle (EV) battery thermal management system (BTMS) market is witnessing significant growth due to the increasing adoption of electric vehicles (EVs) by automakers. Tata Motors’ Nexon EV, for instance, utilizes BTMS to manage battery heat, ensuring optimal performance and longevity. However, challenges persist, such as aging rate and battery module life in high-power applications. Fires or explosions due to thermal runaway remain a concern, as seen in the Tesla car fire incident. Cold weather and impedance also impact battery performance. New technologies, like solid-state batteries from startups like Solid Power, offer high energy efficiency and a high power-to-weight ratio, as well as low self-discharge. These advancements aim to address the challenges of conventional lithium-ion batteries, which include heat dissipation and raw material availability. The BTMS market requires a supplier-buyer network and in-depth analysis of components, including battery type (BEV, PHEV, HEV), propulsion type, and technology. Quantitative analysis of challenges, such as aging rate and battery module life, is crucial for ensuring CO2 emissions reduction and maintaining battery life. CHAdeMO and PCM are key players in this market, providing charging solutions and thermal management components, respectively.

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Segment Overview 

This electric vehicle battery thermal management system (ev btms) market report extensively covers market segmentation by

Battery Type1.1 Li-ion1.2 Lead-acid1.3 OthersVehicle Type2.1 Passenger vehicle2.2 Commercial vehicleGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Li-ion-  The Li-ion (lithium-ion) batteries segment is poised for significant growth in the Electric Vehicle Battery Thermal Management System (EV BTMS) market due to the escalating demand for Li-ion batteries in the EV industry. With the declining price of battery technology and mass production, Li-ion batteries have become the preferred choice for EV manufacturers. These batteries, which belong to the family of lithium-metal chemistries, are manufactured using various combinations of anode and cathode materials, such as lithium-nickel-cobalt-aluminum oxide (NCA), lithium-nickel-manganese-cobalt (NCM or NMC), lithium-manganese spinel (LMO), lithium titanate (LTO), and lithium iron phosphate (LFP). Each cathode combination offers distinct safety, cost, and performance characteristics. Li-ion batteries are favored for their higher current density, longer power-holding capacity, longer shelf life, smaller and lighter size, and minimal maintenance requirements compared to other battery technologies. The batteries’ long life and lack of maintenance reduce downtime for EVs. Li-ion batteries are available in cylindrical, prismatic, and laminate shapes, each with unique characteristics, enabling customized battery packs based on end-user requirements. Thermal management solutions for Li-ion batteries must address high voltage, temperature, current, and battery state of charge (SoC) management. These factors are expected to fuel the expansion of the Li-ion batteries segment in the global EV BTMS market.

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Research Analysis

The Electric Vehicle (EV) Battery Thermal Management System (BTMS) market is a critical component in the growing EV industry, focusing on regulating the temperature of Lithium-ion batteries in various propulsion types, including BEVs, HEVs, FCVs, and PHEVs. BTMS ensures optimal battery performance, longevity, and safety under diverse climatic conditions. The system uses passive components like Phase Change Materials (PCMs) and active cooling techniques to manage temperature. CO2 emissions are significantly reduced as EVs emit zero tailpipe emissions. Consumer awareness, subsidies, charging infrastructure, battery prices, and vehicle range are essential factors influencing the market’s growth. Charging time and super-fast chargers are also crucial considerations. The risk of explosion is minimized through effective temperature regulation. The market comprises cells, battery modules, and ventilation systems. Regulation of temperature is crucial for battery power, longevity, and passenger vehicle applications.

Market Research Overview

The Electric Vehicle (EV) market is experiencing significant growth with the increasing adoption of Lithium-ion batteries as the primary power source. EVs, including Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs), require advanced thermal management systems (TMS) to maintain optimal battery temperature. TMS plays a crucial role in extending battery life by preventing overheating and ensuring efficient energy usage. The system uses Passive Thermal Management Components (PTCs) like Phase Change Materials (PCMs) and active cooling systems to manage temperature. EV battery thermal management is essential for reducing CO2 emissions, as automakers strive to meet stricter emission norms. The market for EV TMS is driven by the increasing sales of passenger cars and commercial vehicles, rising consumer awareness, and government subsidies. The market comprises various components, including cooling systems, electronic components like inverters and converter modules, and conventional cooling systems like air cooling and liquid cooling. The technology used in TMS includes nanotechnology, smart windows, and solid-state cooling. Battery capacity, temperature, and power consumption are significant factors influencing the design and cost of TMS. The market is expected to grow as the automotive industry shifts towards electric propulsion types like BEVs, PHEVs, and HEVs. The use of advanced cooling systems, power consumption optimization, and cost reduction through the use of lightweight materials are key trends in the market. However, challenges like thermal design, flow channels, coolant model and flow, power requirements, and reliability must be addressed to ensure the safety and efficiency of EV TMS. The market for EV TMS is expected to grow significantly due to the increasing demand for electric vehicles, advancements in technology, and the need to reduce carbon emissions. The market is competitive, with various players offering innovative solutions to meet the demands of the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Battery TypeLi-ionLead-acidOthersVehicle TypePassenger VehicleCommercial VehicleGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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DMCC Signs Strategic Partnership with Hong Kong Tinkam Capital to Drive Industrial Investment between Hong Kong and Dubai

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DMCC and Hong Kong Tinkam Capital (HKTC) sign strategic partnership to explore development of power and energy equipment production park in Dubai Collaboration aims to support industrial investment and Chinese company expansion in UAE across advanced manufacturing, energy and green tech sectorsPartnership reinforces growing UAE-China economic ties and Dubai’s advanced manufacturing ambitionsDMCC hosts over 1,000 Chinese companies in its district

DUBAI, UAE, July 27, 2026 /PRNewswire/ — DMCC, the leading international business district that drives the flow of global trade through Dubai, has signed a strategic Memorandum of Understanding (MoU) with Hong Kong Tinkam Capital (HKTC) to explore the development of a state-of-the-art power and energy equipment manufacturing park in Dubai, reinforcing industrial cooperation and investment between the UAE and China.

The agreement establishes a framework for collaboration between both organisations to support the development of a power and energy equipment production park in Dubai while attracting upstream and downstream Chinese companies across the industry value chain in strategic sectors such as advanced manufacturing, green technology and energy.

Through the partnership, DMCC and HKTC will also facilitate knowledge exchange, promote industrial investment opportunities, and connect prospective Chinese enterprises with DMCC’s business ecosystem, reinforcing Dubai’s role as a gateway for Chinese company expansion and investment.

The high-level visit was facilitated by Wu Yufan (Elvis Wu), President of Longdy Group Greater China Region. The signing took place during a high-level visit to DMCC led by Guo Hongwei, Executive Deputy Director of the Management Committee of the New Quality Productive Forces Development Fund under the China Economic Reform Research Foundation, alongside Ye Xiongchang, Chairman of Hong Kong Tinkam Capital, and senior representatives from China’s advanced manufacturing, green tech, power and energy sectors. The delegation was welcomed by Ahmad Hamza, Chief Free Zone Affairs Officer at DMCC.

Ahmad Hamza, Chief Free Zone Affairs Officer, DMCC, said: “China remains one of DMCC’s most important strategic markets, with more than 1,000 Chinese companies now operating from our district and registrations growing at double-digit rates over the past five years. We welcome this partnership with Hong Kong Tinkam Capital that reflects our shared ambition to deepen commercial ties between the UAE and China while creating new opportunities across advanced manufacturing and energy infrastructure. By combining Hong Kong’s industrial expertise with Dubai’s world-class business environment, we are creating a platform to attract investment, strengthen industrial capabilities and support the next phase of economic growth.”

Ye Xiongchang, Chairman, Hong Kong Tinkam Capital, said: “This partnership reflects the growing momentum of the Dubai-Hong Kong investment corridor and creates a strong platform for deeper industrial collaboration between our two markets. Together with DMCC, we will explore opportunities to develop a world-class power and energy equipment manufacturing ecosystem in Dubai while supporting Chinese enterprises looking to establish and grow their presence in the UAE. By connecting industry, investment and expertise, we can help businesses access new markets and contribute to the region’s long-term industrial development.”

The MoU provides a framework for both organisations to cooperate on identifying investment opportunities, engaging prospective enterprises, sharing expertise and supporting projects that contribute to the development of Dubai’s industrial and energy ecosystem.

The agreement builds on the rapidly expanding economic relationship between the UAE and China. China remains the UAE’s largest trading partner, while DMCC is home to more than 1,000 Chinese companies operating across sectors including energy, technology, construction, financial services and precious metals and stones.

About DMCC
DMCC is a leading international business district that drives the flow of global trade through Dubai. We make it easier for our members to do business, helping them access the world’s fastest growing markets from a dynamic district that offers everything they need to thrive. This approach is why we are the preferred location for over 26,000 top multinationals and high-impact startups, contributing significantly to Dubai’s position as a global hub for trade and innovation. DMCC is where the world does business.

For more information, visit dmcc.ae.

About HKTC
HKTC is headquartered in Hong Kong, an international financial hub, and operates as a comprehensive financial group specializing in global asset allocation and cross-border capital management. The company focuses on two core areas—international trade and financial investment—and is committed to playing a pivotal role amid the ongoing transformation of the global economic landscape.

HKTC keenly identifies the opportunities presented by the reconfiguration of emerging industries, actively leverages Hong Kong’s unique role as a super connector, and adheres to highly compliant international operational standards to professionally guide China’s high-quality production capacity toward global deployment. We are not merely capital providers but also architects for industrial implementation—providing robust momentum for Chinese enterprises’ establishment and growth in overseas markets through innovative financial instruments and comprehensive capital services.

Especially in high-potential growth markets such as the Middle East, Southeast Asia, and Africa, HKTC has established a robust resource network and localized service capabilities. Leveraging world-class trade hubs like the Dubai Multi Commodities Centre (DMCC) as strategic pivot points and capitalizing on its exceptional ecosystem that aggregates global resources, we assist China enterprises in overcoming geographical constraints to precisely align advanced production capacities with the economic development needs of host countries. Throughout this process, HKTC consistently adheres to the philosophy of “co-deliberation, co-construction, and shared benefits,” emphasizing deep integration with local economies to achieve long-term win-win outcomes for Chinese capital, Chinese technology, and host country development, thereby truly enabling Chinese production capacities to take root and flourish overseas.

In the future, HKTC will continue to collaborate with world-class partners such as DMCC to empower more enterprises to access the fastest-growing markets globally, serving as a vital financial bridge that facilitates seamless economic circulation between China and the world economy.

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SOURCE Dubai Multi Commodities Centre

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TGT Technology at MWC 2026: Focus on Edge Intelligence to Build the “Hub” for Global Information Services in the AI Era

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SHANGHAI, July 27, 2026 /PRNewswire/ — From June 24 to 26, TGT Technology made its debut at the 2026 MWC Shanghai under the theme “AI-Empowered, Edge Intelligence,” showcasing its strategic transition from a “connectivity service provider” to a “leader in omnichannel intelligent connectivity solutions.” As a globally leading cloud communications (AIoT) service platform, TGT Technology is redefining the infrastructure landscape of the edge intelligence era.

TGT Technology’s booth remained consistently bustling, drawing significant attention from global customers, telecom operators, and industry partners.

Focusing on “Cloud Communications + Edge AI” to Build an Autonomously Evolving Intelligent Entity

“In the AI era, the efficiency of data flow determines the boundaries of intelligence,” said Mr. Henry Zhang, Founder, Chairman, and CEO of TGT Technology. Leveraging global connectivity data accumulated from tens of millions of endpoints, TGT Technology’s global cloud communications (AIoT) service platform is evolving from a passive connectivity pipeline into a “decision-making brain” with autonomous learning capabilities.

TGT has built a unique “cloud-edge collaboration” architecture: the cloud efficiently schedules massive amounts of data, while the edge performs real-time inference and decision-making at the endpoint, effectively addressing the three core challenges of latency, bandwidth, and privacy and security. Its proprietary vertical-domain agents can proactively sense scenario requirements, enabling end-to-end intelligence—from intelligent scheduling of network resources to dynamic optimization of connectivity strategies—and providing global enterprise customers with continuously evolving intelligent connectivity capabilities.

Deep integration of “cellular + satellite” expands coverage across land, air, and space

The large-scale implementation of edge intelligence begins with ubiquitous connectivity. Through strategic partnerships with leading global satellite operators, TGT Technology has established a layered connectivity architecture comprising “near-field Wi-Fi/Bluetooth, wide-area 4G/5G, and airspace MEO/LEO,” achieving continuous coverage from the ground to low altitudes and up to high altitudes.

vSIM/eSIM Technological Innovation: Connecting Millions of AI Devices

Through its independently developed vSIM/eSIM technology suite, the TGT platform has connected millions of AI devices, covering a diverse range of categories, including smartphones, portable mobile devices, smart wearables, in-vehicle devices, and industrial IoT gateways. As one of the few platforms in the industry to offer a complete technology suite—including CloudSIM, SoftSIM, eSIM, and iSIM—TGT Technology is emerging as a critical foundation for AI infrastructure.

Learn more: https://en.tugegroup.com/
Partnerships: sales@51tgt.com

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SOURCE TGT Technology

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HashKey Exchange Launches New Flagship Crypto Trading App

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HONG KONG, July 27, 2026 /PRNewswire/ — HashKey Holdings Limited (3887.HK), a comprehensive Asian digital asset group, announced a landmark global product and brand strategy launch with a new flagship Crypto Trading App featuring a “multi-site unification” model now made available to users.

The two previously separate applications (HashKey Exchange and HashKey Global) have been successfully merged into a single portal. Under strict compliance boundaries, this upgrade integrates core jurisdictional hubs including Hong Kong, Singapore, the Middle East (Dubai), and Bermuda. The company enters into a new phase of efficient synergy across core compliant markets in Asia and worldwide, serving as a key operational milestone for its core “Asia Connect” strategy at the product infrastructure layer.

In the early stages of the compliant virtual asset industry, licensed exchanges typically operated under regional “siloed” models due to varying legal and regulatory requirements across countries. The core of the “multi-site unification” lies in “unified entry, localized compliance.” Users can now download a single application to seamlessly manage their compliant accounts across the Hong Kong, Global, Singapore, or Middle East regions within the same App based on their respective KYC (Know Your Customer) and KYB (Know Your Business) credentials. While front-end interfaces are aggregated, underlying services remain strictly bound to local regulatory frameworks through rigorous localized management. Regional features within the App are accessible only to users meeting specific local criteria and users in unauthorized countries or regions cannot access restricted station features, streamlining user interaction paths while clearly adhering to compliance redlines.

With the official launch of the new App, HashKey Exchange has standardized its service dimensions for each site according to the latest local licensing qualifications. By adding and deeply integrating multi-regional sites, the platform offers investors a secure, compliant, and diversified global digital asset trading ecosystem.

HashKey Hong Kong (Base Hub): Focuses primarily on spot trading with robust OTC capabilities—supporting fiat on/off-ramps for 4 fiat currencies and around 40 digital assets. Additionally, it features a wealth management section covering various tokenized assets and compliant on-chain financial products, catering to both retail and Professional Investors (PI) with competitive asset allocation options.

HashKey Singapore: Focuses mainly on OTC block trading and supports opening same-name virtual accounts. Minimum OTC orders start at $10 USD, with single-transaction caps up to $50 million USD for corporate clients and $8 million USD for individual clients across 21 cryptocurrencies.

HashKey Middle East: Provides spot trading and proprietary brokerage services.

HashKey Global: Focuses on derivative trading scenarios, serving international compliant users while strictly isolating restricted local jurisdictions.

Alongside expanding its service footprint, the App has undergone comprehensive feature upgrades. The new system integrates a Web3 wallet service portal isolated from centralized exchange operations, offering users a compliant gateway to explore the on-chain ecosystem.

For institutional users seeking high-security asset allocation, the unified HashKey Exchange App delivers rigorous cybersecurity protection backed by multi-jurisdictional licensing. Driven by ongoing technical upgrades, the platform maintains industry-leading digital asset insurance coverage to safeguard a smooth and secure trading experience. From its roots in Hong Kong to deep anchors in financial hubs like Singapore and the Middle East, HashKey Exchange is weaving fragmented footholds into a seamless, fast, global compliant trading network. Moving forward, HashKey Exchange will continue using the Pan-Asian region as its core connection to expand the boundaries of financial infrastructure for compliant digital assets.

About HashKey Exchange

HashKey Exchange is a digital asset exchange under the listed company HashKey Holdings Limited (3887.HK), dedicated to setting new benchmarks for virtual asset exchanges in compliance, fund protection, and platform security. Hash Blockchain Limited (HashKey Exchange) is among the first batch of licensed retail virtual asset exchanges in Hong Kong. It currently holds Type 1 (Dealing in securities) and Type 7 (Providing automated trading services) licenses under the Securities and Futures Ordinance (SFO), as well as the Virtual Asset Service Provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) granted by the Securities and Futures Commission (SFC) of Hong Kong. HashKey Exchange has obtained ISO 27001 (Information Security) and ISO 27701 (Data Privacy) management system certifications. In compliance with laws and regulations, HashKey Exchange does not provide services to users in Mainland China, the United States, and certain other jurisdictions.

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