Regulation
Crypto exchange OKX withdraws Hong Kong license application – DL News
- OKX withdraws its Hong Kong license application.
- All funds are safe and Hong Kong customers can withdraw them.
- OKX is one of several companies to withdraw from the Hong Kong market.
Leading cryptocurrency exchange OKX said in a statement job on its website that it had withdrawn its application to offer digital asset services in Hong Kong after a “careful review” of its business strategy.
In line with regulatory requirements, OKX announced that it will stop providing centralized virtual asset trading services to Hong Kong residents by next Friday, May 31.
He added that all customer funds were safe and withdrawal services would not be affected. OKX has asked customers to refrain from making any deposits after May 31.
Withdrawals can be made from OKX accounts to self-custodial wallets or to accounts on other third-party platforms between now and the August 31 closing date. After that, all remaining OKX account balances will be treated as unclaimed property.
Earlier this week, Gate.HK withdrew its license application from the Securities and Futures Commission (SFC) under new regulations that require exchanges serving clients in Hong Kong to be licensed, the South China Morning Post reported.
Meeting the requirements of the SFC proved to be a challenge, the Morning message noted, as several companies withdrew their applications.