Crypto exchanges Gate.io, OKX retreat from Hong Kong licensing efforts
Crypto exchanges Gate.io, OKX retreat from Hong Kong licensing efforts Crypto exchanges Gate.io, OKX retreat from Hong Kong licensing efforts
Hong Kong's monetary regulator SFC has licensed handiest 2 crypto exchanges within the jam.
Duvet art/illustration through CryptoSlate. Image involves blended suppose material that may perhaps perchance also consist of AI-generated suppose material.
Two prominent global exchanges’ subsidiaries â Gate.io and OKX â hang withdrawn their applications for an operational license in Hong Kong within the closing two days.
This decision reflects a broader pattern, as eight firmsâin conjunction with exchanges backed by Binance and HTXâhang furthermore deserted their licensing efforts within town-grunt, essentially based fully fully on a search on the Securities and Futures Fee (SFC) net position.
Within the period in-between, the regulator is silent reviewing applications from several diverse crypto exchanges, in conjunction with Crypto.com, Bullish, and Matrixport. Notably, the SFC has accredited licenses for handiest two exchanges within the jam, OSL and HashKey.
OKX bows out
In a Might perhaps well also 24 search, Hong Kong-essentially based fully fully crypto exchange OKX HK announced the withdrawal of its utility for a Digital Asset Service Provider (VASP) license within the jam. The exchange acknowledged:
“OKX will end to make centralized virtual asset shopping and selling companies to Hong Kong residents by 31 Might perhaps well also 2024 (Friday) essentially based fully fully on regulatory requirements. Buyer funds dwell safe and withdrawal companies is probably going no longer affected. After 31 Might perhaps well also 2024, customers will handiest be in a space to withdraw.”
In consequence, OKX suggested its customers to refrain from making deposits after Might perhaps well also 31, as these deposits may perhaps perchance also no longer be processed automatically. The exchange furthermore situation an Aug. 31 minimize-off date for customers to withdraw their resources from its platform.
Gate.HK utility withdrawal
Within the same type, Gate.io’s Hong Kong unit announced on Might perhaps well also 23 that it had withdrawn its utility for a virtual asset shopping and selling platform license.
The firm explained that the choice used to be half of a comprehensive platform overhaul method that may perhaps perchance end the registration of fresh customers, deposits, and advertising actions in Hong Kong. Additionally, the platform intends to delist all critical tokens, in conjunction with Bitcoin, Polkadot, Ethereum, and others.
The platform talked about this can end all shopping and selling companies by Might perhaps well also 28 and suggested customers to withdraw their resources ahead of Aug. 28.
Launched in 2023, Gate.HK submitted its license utility to the SFC in February in compliance with new guidelines mandating that exchanges serving Hong Kong customers should create an operational license within the jam.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doable. He imparts insights on a unfold of themes love DeFi, hacks, mining and tradition, underlining transformative strength.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Focusing on monetary journalism, he now specializes in crypto reporting.
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Bitcoin, a decentralized forex that defies the sway of central banks or directors, transacts electronically, circumventing intermediaries through a search-to-search network.
Ethereum is a decentralized, originate-source blockchain platform that permits the introduction of natty contracts and decentralized applications (DApps).
Polkadot construction is on goal to elevate the most tough platform for safety, scalability, and innovation.
OKX
OKX is an global-leading digital asset exchange, providing evolved monetary companies to global traders by utilizing blockchain technology.
Binance
Binance is a global cryptocurrency exchange that offers a platform for shopping and selling better than 100 cryptocurrencies.
HTX
Huobi, a virtual asset exchange, launched a revised branding method on September 13, 2023, where “Huobi” may perhaps be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Hashkey Capital
HashKey Capital is an institutional asset manager investing thoroughly in blockchain technology and digital resources.
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