Regulation
Cryptocurrency Exchange OKX Withdraws Its Hong Kong License Application – DL News
- OKX withdraws license application in Hong Kong.
- 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 send on its website it said it withdrew its application to offer digital asset services in Hong Kong after “careful consideration” of its business strategy.
In accordance with regulatory requirements, OKX said it will stop providing centralized virtual asset trading services to Hong Kong residents by next Friday, May 31.
It added that all customer funds are safe and withdrawal services will not be affected. OKX has asked customers to refrain from making deposits after May 31.
Withdrawals can be made from OKX accounts to self-custodial wallets or accounts on other third-party platforms from now until the closing date of August 31st. Thereafter, any remaining balances in OKX accounts will be treated as unclaimed property.
Earlier this week, Gate.HK withdrew its licensing application to the Securities and Futures Commission (SFC) under new regulations requiring exchanges serving Hong Kong clients to be licensed, the South China Morning Post reported.
Meeting the SFC’s requirements proved challenging Morning mail noted, as several companies withdrew their applications.