OKX has withdrawn its license application to provide virtual asset services in Hong Kong and plans to discontinue centralized virtual asset trading services for users in the region. In a statement on its website, the cryptocurrency exchange said it has withdrawn its VASP license application and will cease centralized virtual asset trading services to Hong Kong residents effective May 31, 2024.
Despite the move, OKX HK has assured users of the safety of their funds as withdrawal services remain unaffected. The company said that the decision to withdraw the license application came after a comprehensive evaluation of its business strategy. By ending centralized virtual asset trading services, OKX HK aims to effectively navigate regulatory compliance while prioritizing client interests.
Users in Hong Kong have until August 31, 2024 to withdraw assets from their OKX accounts. During the transition period, they can transfer funds to internal wallets or external platforms. the
exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term Urge customers to initiate withdrawal requests before the closing date to ensure a smooth transition.
After the deadline, OKX HK will treat any remaining balances in customer accounts as unclaimed property in accordance with its terms of use. The exchange advised users to stay updated on further developments and adhere to the guidelines provided to effectively manage their assets post-lockdown.
OKX's action follows a similar decision by Huobi Hong Kong, a subsidiary of HTX, formerly known as Huobi Global, which recently withdrew its application for a license to operate a virtual asset trading platform in Hong Kong. This is the second time the company has suspended its pursuit of regulatory approval, the South China Morning Post reported.
Cryptocurrency exchanges face regulatory pressure in Hong Kong
Huobi Hong Kong did not specify why its license application was withdrawn, leading to speculation about the regulatory pressure it may have faced. Following its recent withdrawal, the Securities and Futures Commission (SFC) has removed HBGL Hong Kong Limited from the list of applicants for cryptocurrency exchange licences.
The withdrawal occurred amid Hong Kong's new virtual assets regime, which imposes strict requirements on cryptocurrency exchanges seeking licenses. Failure to meet these criteria will result in mandatory closure within three months of notification to the Financial Supervision Committee.
The withdrawal of the license application from Huobi HK is not an isolated incident in the Hong Kong cryptocurrency market. HKVAEX, which is backed by Binance, also recently withdrew its license application, highlighting the complexities and costs associated with regulatory compliance in the region. With only a handful of applicants remaining for a VATP license in Hong Kong, the industry faces ongoing uncertainty and regulatory scrutiny.
OKX has withdrawn its license application to provide virtual asset services in Hong Kong and plans to discontinue centralized virtual asset trading services for users in the region. In a statement on its website, the cryptocurrency exchange said it has withdrawn its VASP license application and will cease centralized virtual asset trading services to Hong Kong residents effective May 31, 2024.
Despite the move, OKX HK has assured users of the safety of their funds as withdrawal services remain unaffected. The company said that the decision to withdraw the license application came after a comprehensive evaluation of its business strategy. By ending centralized virtual asset trading services, OKX HK aims to effectively navigate regulatory compliance while prioritizing client interests.
Users in Hong Kong have until August 31, 2024 to withdraw assets from their OKX accounts. During the transition period, they can transfer funds to self-custodial wallets or third-party platforms. the
exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term Urge customers to initiate withdrawal requests before the closing date to ensure a smooth transition.
After the deadline, OKX HK will treat any remaining balances in customer accounts as unclaimed property in accordance with its terms of use. The exchange advised users to stay updated on further developments and adhere to the guidelines provided to effectively manage their assets post-lockdown.
OKX's action follows a similar decision by Huobi Hong Kong, a subsidiary of HTX, formerly known as Huobi Global, which recently withdrew its application for a license to operate a virtual asset trading platform in Hong Kong. This is the second time the company has suspended its pursuit of regulatory approval, the South China Morning Post reported.
Cryptocurrency exchanges face regulatory pressure in Hong Kong
Huobi Hong Kong did not specify why its license application was withdrawn, leading to speculation about the regulatory pressure it may have faced. Following its recent withdrawal, the Securities and Futures Commission (SFC) has removed HBGL Hong Kong Limited from the list of applicants for cryptocurrency exchange licences.
The withdrawal occurred amid Hong Kong's new virtual assets regime, which imposes strict requirements on cryptocurrency exchanges seeking licenses. Failure to meet these criteria will result in mandatory closure within three months of notification to the Financial Supervision Committee.
The withdrawal of the license application from Huobi HK is not an isolated incident in the Hong Kong cryptocurrency market. HKVAEX, which is backed by Binance, also recently withdrew its license application, highlighting the complexities and costs associated with regulatory compliance in the region. With only a handful of applicants remaining for a VATP license in Hong Kong, the industry faces ongoing uncertainty and regulatory scrutiny.