OKX joins Gate.HK, HKVAEX and Huobi HK in recently withdrawing their VASP applications with the Hong Kong Securities and Futures Commission.
In a statement, the crypto exchange cited “careful consideration” of its business strategy as the motivation for the decision without elaborating further on the reasons why. OKX was unable to expand on the statement when asked by The Block.
The crypto exchange sought to reassure users that their funds remained safe, however, deposits after this date may not be automatically credited, and open orders will be canceled. After May 31, the withdrawal function will be the only option available to Hong Kong residents until August 31, after which remaining balances will be deemed “unclaimed property” under the platform’s terms, it added.
“Virtual asset trading platforms operating in Hong Kong which have not submitted their license applications to the SFC by 29 February 2024 must close down their businesses in Hong Kong by 31 May 2024. Investors using these platforms should make preparations early,” the site states. Many global exchanges have applied for such retail trading licenses. The SFC had been reviewing applications from 20 crypto firms, including OKX, as well as Bybit, Bullish and Crypto.com.
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