Crypto News Today- Hong Kong enforces removal of all unlicensed crypto exchanges

Hong Kong enforces removal all unlicensed cryptocurrency exchanges

Crypto News– All cryptocurrency exchanges that have not applied for an operational license with the Securities and Futures Commission (SFC) of Hong Kong are now legally required to cease operations in the region immediately.

In an effort to minimize risks for investors, Hong Kong regulators issued a clear ultimatum to cryptocurrency exchanges: either apply for a license by February 29 or shut down within three months. During this period, over 22 cryptocurrency exchanges applied for licenses to continue operating in the region. However, many of these exchanges chose to withdraw their applications just before the deadline.

In May, a total of six cryptocurrency exchanges, including major global players like OKX and Huobi HK, exited the Hong Kong market.

While the majority of these exchanges did not offer explanations for this unexpected development, Gate.HK, headquartered in Hong Kong, mentioned the necessity for a major overhaul of its trading platform in order to meet Hong Kong’s regulatory standards.

After the withdrawal of its license, Gate.HK halted user acquisition and marketing activities. Existing users have until August 28 to withdraw their funds.

As of May 28, the Gate.HK trading platform ceased operations entirely. All previously tradable tokens, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and Polygon (MATIC), will be permanently delisted.

As of May 31, a total of 18 cryptocurrency exchanges have submitted applications for an operational license in Hong Kong. The Securities and Futures Commission (SFC) has stated that the list of approved exchanges will be disclosed by June 1. At present, the only cryptocurrency exchanges approved in Hong Kong are HashKey and OSL Exchange.

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