Withdrawal of License Application
Cryptocurrency exchange giant OKX has announced that it will discontinue its trading services in Hong Kong at the end of May. The decision follows the company’s withdrawal of its application for a virtual asset trading platform license.
Reasons for Withdrawal
OKX stated that the decision was made after careful consideration of business development prospects. The exchange cited the region’s regulatory landscape as a factor in its decision.
Service Discontinuation
Trading services will cease on May 31st. However, customers will still be able to withdraw their assets. OKX’s web3 self-hosted wallet will continue to operate.
Regulatory Landscape
Hong Kong has implemented new regulations for cryptocurrency exchanges, which some stakeholders believe impose a burden on trading platforms. Only two crypto trading platforms have been licensed by the Securities and Futures Commission (SFC), while 18 others await decisions on their applications.
Market Position
OKX is the third-largest crypto exchange by trading volume, behind Binance and Bybit. The Seychelles-headquartered company has been a major player in the cryptocurrency industry.
