Crypto Exchange OKX Withdraws Hong Kong License Application
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Crypto Exchange Withdraws Hong Kong License Application: OKX, the third-largest crypto exchange, decided to withdraw its application to operate in Hong Kong, following other applicants who also withdrew earlier this month.
- Reason for Withdrawal: OKX cited a strategic decision for withdrawing its VASP license application in Hong Kong and will cease centralized virtual asset trading services by May 31, allowing only fund withdrawals thereafter.
- Regulatory Environment: Several other applicants, including Huobi Hong Kong, have withdrawn their applications with the Securities and Futures Commission in Hong Kong, while major exchanges like Crypto.com are undergoing license reviews.
- Approval Status: The Securities and Futures Commission has approved only two exchanges so far, with the last approval granted in 2022, indicating a stringent regulatory process for crypto exchanges in Hong Kong.
- Background Information: CoinDesk, an award-winning media outlet covering the cryptocurrency industry, was acquired by the Bullish group in November 2023, ensuring journalistic independence through an editorial committee.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
