Hong Kong Crypto Exchange License Applications Withdrawn Amid SFC Pressure

IconCryptoNewsTerminal Staff29 May, 2024

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Hong Kong Crypto Exchange License Applications Withdrawn Amid SFC Pressure

The South China Morning Post reports that several major cryptocurrency exchanges, including OKX, Gate.io, KuCoin, Binance, and HTX, have withdrawn their applications for a Hong Kong Virtual Asset Trading Platform (VATP) license. Industry experts believe this is largely due to the strict requirements imposed by the Securities and Futures Commission (SFC) and its ban on providing services to mainland China. Angela Ang, Senior Policy Advisor at blockchain research firm TRM Labs, said, "License applicants may have been pressured by the SFC to voluntarily withdraw their applications. It's not a decision made lightly, as for businesses, it effectively means withdrawing from business." The SFC has yet to comment on the matter.

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