HTX reenters race for Hong Kong crypto license days after withdrawing initial bid

Justin Sun-related crypto exchange HTX, formerly Huobi, has resubmitted its utility for a Virtual Asset Trading Platform (VATP) license in Hong Kong. This switch comes after it became once reported to maintain withdrawn its initial utility, in step with a look on the Securities and Futures Price (SFC) web grunt.

The initial utility, filed via its Hong Kong subsidiary Huobi HK on Feb. 20, became once retracted on Feb. 23 with none clarification. On the opposite hand, the most up-to-date substitute on the monetary watchdog’s platform reveals that the exchange reinitiated the utility task on Feb. 26.

HTX has yet to answer to CryptoSlate’s ask for comment as of press time.

Closing year, Sun said he became once assured that Hong Kong regulators would grant HTX a license because of this of its standing in the Asian market.

SFC restates warning

Within the period in-between, Hong Kong’s SFC has stepped up its warning that unregistered crypto platforms must register by Feb. 29 or shut their firms by Might per chance presumably also 31 by task of a pop-up on its web grunt.

The warning appears when a person accesses its web grunt share for list registered platforms in the city-utter.

It talked about:

“Virtual asset trading platforms working in Hong Kong which maintain no longer submitted their licence applications to the SFC by 29 February 2024 must shut down their firms in Hong Kong by 31 Might per chance presumably also 2024. Investors the usage of these platforms must make preparations early.”

Earlier in the month, the SFC issued a look that urged unregistered platforms in the location to launch their licensing utility task sooner than Feb. 29. As of Feb. 27, the SFC has got seven new applications, alongside with submissions from well-known crypto firms adore HTX, Bullish, and Crypto.com, raising the tally of exchange applicants on the regulatory roster to 19.

Despite this influx, OSL and Hashkey remain the true licensed crypto exchanges in Hong Kong.

Within the period in-between, the regulator’s emphasis on license registration emphasizes its commitment to fostering a crypto-friendly atmosphere. Closing year, Hong Kong presented a licensing framework for VATPs to facilitate retail trading companies.