CDS Crypto News HTX’s Withdrawal of Virtual Asset Trading Platform Application Marks Shift in Hong Kong Crypto Landscape
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HTX’s Withdrawal of Virtual Asset Trading Platform Application Marks Shift in Hong Kong Crypto Landscape

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HTX's Withdrawal of Virtual Asset Trading Platform Application Marks Shift in Hong Kong Crypto Landscape

HTX’s Withdrawal of Virtual Asset Trading Platform Application Marks Shift in Hong Kong Crypto Landscape

Crypto NewsHTX’s Hong Kong-based entity has recently withdrawn its application to function as a “virtual asset trading platform” catering to retail trading services, as indicated by the local regulatory authority’s website.

Initially, HBGL Hong Kong Limited, operating under the name Huobi HK, had submitted its application for an exchange license last week. However, it abruptly retracted its application merely three days later on February 23, according to a report by the South China Morning Post referencing the Securities and Futures Commission’s list of license applicants. A representative for HTX clarified that Huobi HK operates independently from HTX, while Huobi HK did not respond immediately to The Block’s request for comment.

The Securities and Futures Commission (SFC) of Hong Kong has mandated that crypto trading platforms failing to submit their license applications by February 29 must cease operations in Hong Kong by May 31.

In contrast to the broader crackdown on crypto trading and mining in mainland China, Hong Kong extended a welcoming stance towards crypto firms last year. In June 2023, Hong Kong officially introduced its crypto licensing framework for virtual asset trading platforms, permitting licensed exchanges to offer retail trading services. Currently, Hong Kong has granted licenses to only two platforms—HashKey and OSL.

Numerous global exchanges have sought these retail trading licenses as well. The financial regulator is presently scrutinizing applications from 19 crypto firms, including OKX, Bybit, Bullish, and Crypto.com, according to its official website. Additionally, HKVAEX, a crypto platform reportedly affiliated with Binance, applied for the same license on January 4, as per the SFC’s list of applicants.

HTX's Withdrawal of Virtual Asset Trading Platform Application Marks Shift in Hong Kong Crypto Landscape

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