Two distinguished international exchanges’ subsidiaries — Gate.io and OKX — have withdrawn their functions for an operational license in Hong Kong within the final two days.
This determination displays a broader pattern, as eight corporations—together with exchanges backed by Binance and HTX—have additionally deserted their licensing efforts within the city-state, in response to a discover on the Securities and Futures Fee (SFC) web site.
In the meantime, the regulator continues to be reviewing functions from a number of different crypto exchanges, together with Crypto.com, Bullish, and Matrixport. Notably, the SFC has permitted licenses for under two exchanges within the area, OSL and HashKey.
OKX bows out
In a Might 24 discover, Hong Kong-based crypto alternate OKX HK introduced the withdrawal of its utility for a Digital Asset Service Supplier (VASP) license within the area. The alternate said:
“OKX will stop to offer centralized digital asset buying and selling providers to Hong Kong residents by 31 Might 2024 (Friday) in accordance with regulatory necessities. Buyer funds stay secure and withdrawal providers is not going to be affected. After 31 Might 2024, prospects will solely be capable of withdraw.”
Consequently, OKX suggested its prospects to chorus from making deposits after Might 31, as these deposits might not be processed routinely. The alternate additionally set an Aug. 31 deadline for customers to withdraw their belongings from its platform.
Gate.HK utility withdrawal
Equally, Gate.io’s Hong Kong unit introduced on Might 23 that it had withdrawn its utility for a digital asset buying and selling platform license.
The agency defined that the choice was a part of a complete platform overhaul technique that might halt the registration of latest customers, deposits, and advertising and marketing actions in Hong Kong. Moreover, the platform intends to delist all main tokens, together with Bitcoin, Polkadot, Ethereum, and others.
The platform stated it’s going to stop all buying and selling providers by Might 28 and suggested customers to withdraw their belongings earlier than Aug. 28.
Launched in 2023, Gate.HK submitted its license utility to the SFC in February in compliance with new rules mandating that exchanges serving Hong Kong prospects should get hold of an operational license within the area.
