Markets News Report Technology
May 24, 2024

OKX To Shut Down Crypto Trading Support For Hong Kong Users Starting May 31

In Brief

OKX withdraws its application for the Hong Kong VASP license and will discontinue offering services to users effective May 31st.

OKX To Shut Down Crypto Trading Support For Hong Kong Users Starting May 31

Cryptocurrency exchange OKX unveiled the withdrawal of its Hong Kong subsidiary, OKX HK’s application for a local Virtual Asset Service Provider (VASP) license. Consequently, it will discontinue offering services to users in Hong Kong effective May 31st.

The cryptocurrency exchange aimed to assure users that their funds were secure. However, deposits made after May 31st may not be credited automatically, and any open orders will be canceled. Starting May 31st, the withdrawal function will be the sole option for Hong Kong residents until August 31st. After this date, any remaining balances will be considered “unclaimed property” as per the platform’s terms.

In the official announcement, the exchange emphasized that OKX Web3 self-hosted wallet services remain unaffected and will continue to be available to users in Hong Kong.

OKX was launched in Hong Kong in June 2023. On November 16th, it filed its VASP application to the Hong Kong Securities and Futures Commission (SFC) but withdrew it today, as confirmed by the SFC’s website. The reason for OKX’s withdrawal was not disclosed.

OKX Withdraws License From Hong Kong Following Gate.io And HTX

OKX became the second exchange to withdraw its license this week. Gate.io’s Hong Kong entity, Gate.HK, also unveiled the intention to cease operations and withdraw its license application from the region. This decision follows another incident in which Huobi HK, the Hong Kong affiliate of HTX, canceled its application last week.

According to the SFC regulations, cryptocurrency trading platforms that missed the February 29th date for license applications are required to discontinue their local operations by May 31st or within three months of receiving additional notification.

Several global exchanges have applied for retail trading licenses in Hong Kong. The SFC website states that the regulatory body is currently reviewing applications from 20 cryptocurrency firms, including Bybit, Bullish, and Crypto.com.

Disclaimer

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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