OKX HK Ends License Application In Hong Kong, Advises Users To Withdraw Funds

OKX cancelled its request for a license to supply digital asset providers in Hong Kong. The agency additionally desires to cease offering centralized digital asset buying and selling providers for patrons within the nation beginning Could 31, 2024. The corporate made this announcement on its web site.

Regardless of this motion, OKX HK has advised customers their cash is secure as withdrawal providers are nonetheless okay. After taking a look at its marketing strategy, the agency determined to not ask for a license.

Clients Are Suggested To Keep Up to date On Information From OKX

OKX HK desires to observe the principles by stopping centralized digital foreign money buying and selling providers whereas holding its prospects ‘ finest pursuits at coronary heart.

Throughout the shift, prospects can take their cash out of their OKX accounts earlier than the deadline on August 31 this yr. They will transfer cash to their wallets or different platforms throughout this era. The change desires prospects to begin taking cash out earlier than it closes.

As soon as the deadline passes, OKX HK will take into account any cash left in buyer accounts as property that has but to be claimed, as said in its guidelines. The change advised customers to maintain checking for extra information and observe directions to deal with their cash properly after it closes.

OKX did the identical factor as Huobi Hong Kong, a part of HTX, beforehand termed Huobi World. It not too long ago stopped asking for a license to run a digital foreign money buying and selling platform in Hong Kong. In keeping with studies, that is the second time the agency has stopped making an attempt to get approval from regulators.

Huobi Hong Kong didn’t say why it stopped asking for a license, which made individuals surprise if regulators pressured them. After it stopped, the Securities and Futures Fee (SFC) took HBGL Hong Kong Restricted off the listing of corporations making use of for a license to commerce cryptocurrencies.

Solely A Few Entities Are Nonetheless Pursuing Hong Kong’sKong’s VATP License

The withdrawal occurred when Hong Kong launched new guidelines for digital belongings, making it exhausting for cryptocurrency exchanges to get a license. If an organization doesn’t observe these guidelines, it has to shut inside three months of getting a discover from the SFC.

Huobi HK’s resolution to not ask for a license isn’t the one time this occurred in Hong Kong’s cryptocurrency market. HKVAEX, which has assist from Binance, additionally not too long ago determined to not ask for a license.

This reveals how exhausting and costly it’s to observe the principles within the space. Only some corporations are left making an attempt to get Hong Kong’s VATP license, so the crypto business there’s nonetheless ready to see what is going to occur with the guidelines.