Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Crypto exchanges Gate.io, OKX retreat from Hong Kong licensing efforts

Share This Post

Two prominent global exchanges’ subsidiaries — Gate.io and OKX — have withdrawn their applications for an operational license in Hong Kong in the last two days.

This decision reflects a broader trend, as eight firms—including exchanges backed by Binance and HTX—have also abandoned their licensing efforts in the city-state, according to a notice on the Securities and Futures Commission (SFC) website.

Meanwhile, the regulator is still reviewing applications from several other crypto exchanges, including Crypto.com, Bullish, and Matrixport. Notably, the SFC has approved licenses for only two exchanges in the region, OSL and HashKey.

OKX bows out

In a May 24 notice, Hong Kong-based crypto exchange OKX HK announced the withdrawal of its application for a Virtual Asset Service Provider (VASP) license in the region. The exchange stated:

“OKX will cease to provide centralized virtual asset trading services to Hong Kong residents by 31 May 2024 (Friday) in accordance with regulatory requirements. Customer funds remain safe and withdrawal services will not be affected. After 31 May 2024, customers will only be able to withdraw.”

Consequently, OKX advised its customers to refrain from making deposits after May 31, as these deposits may not be processed automatically. The exchange also set an Aug. 31 deadline for users to withdraw their assets from its platform.

Gate.HK application withdrawal

Similarly, Gate.io’s Hong Kong unit announced on May 23 that it had withdrawn its application for a virtual asset trading platform license.

The firm explained that the decision was part of a comprehensive platform overhaul strategy that would halt the registration of new users, deposits, and marketing activities in Hong Kong. Additionally, the platform intends to delist all major tokens, including Bitcoin, Polkadot, Ethereum, and others.

The platform said it will cease all trading services by May 28 and advised users to withdraw their assets before Aug. 28.

Launched in 2023, Gate.HK submitted its license application to the SFC in February in compliance with new regulations mandating that exchanges serving Hong Kong customers must obtain an operational license in the region.

The post Crypto exchanges Gate.io, OKX retreat from Hong Kong licensing efforts appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin balance sheet adoption could hit 20% by 2026

Bitwise and UTXO Management project that 20% of all Bitcoin (BTC) could migrate to institutional balance sheets by end-2026, according to a new report published by Bitwise and UTXO Management on May

TRON Network Strengthens Global Payment Infrastructure as Bridge, a Stripe Company, Expands Integration

This content is provided by a sponsor PRESS RELEASE Geneva, Switzerland, May 23, 2025 – TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through

Bitcoin Price Analysis: Constructive Market Structure Signals Parabolic Rally Ahead

The post Bitcoin Price Analysis: Constructive Market Structure Signals Parabolic Rally Ahead appeared first on Coinpedia Fintech News A weakening US dollar amid rising crypto optimism has favored

Massive $200 Million Sell Wall Holds Bitcoin At $111,000 And $113,000 – Here’s What We Know

After several days of asking from bullish investors, Bitcoin has finally carved out a new all-time high above $108,800, reaching as high as $111,814 in the last 24 hours The breakout to the new

Pi Network token makes derivatives debut on Kraken with perpetual futures offering 20x leverage

Kraken has introduced perpetual futures contracts for Pi Network’s native token, PI, allowing traders to speculate on its price with up to 20x leverage, according to a May 23 announcement The

Solana MACD Curling Up – Is This The Prelude To A Breakout?

Solana (SOL) is beginning to show signs of renewed strength as technical indicators hint at a potential breakout On the weekly chart, the MACD is curling up and has recently crossed above the signal