This article is more than three months old

Crypto exchange OKX withdraws its application for Hong Kong licence

Crypto exchange OKX withdraws its application for Hong Kong licence
Regulation
OKX decides not to seek Hong Kong licence. Credit: Shutterstock / T. Schneider
  • OKX withdraws application for licence in Hong Kong.
  • All funds are safe and Hong Kong customers may withdraw them.
  • OKX is one of several companies to retreat from the Hong Kong market.

Major crypto exchange OKX said in a post on its website that it had withdrawn its application to offer digital asset services in Hong Kong following “careful consideration” of its business strategy.

In accordance with regulatory requirements, OKX said it will cease providing centralised virtual asset trading services to Hong Kong residents by next Friday, May 31.

It added that all customer funds were safe and withdrawal services would not be affected. OKX asked that customers refrain from making any deposits after May 31.

Withdrawals may be made from OKX accounts to self-custody wallets or to accounts on other third-party platforms between now and an August 31 closure date. After that, any remaining balances in OKX accounts will be treated as unclaimed property.

Earlier this week, Gate.HK withdrew its licence application to the Securities and Futures Commission (SFC) under new regulations that require exchanges serving customers in Hong Kong to be licensed, the South China Morning Post reported.

Meeting the SFC’s requirements has proved challenging, the Morning Post noted, as several companies have withdrawn their applications.