- The Hong Kong Securities and Futures Commission has suspended license applications for crypto platforms.
- The commission has issued a final deadline for unregistered exchanges to exit the country.
- Crypto exchange HTX recently filed a license application with the SFC.
The Hong Kong Securities and Futures Commission has recently intensified its focus on regulations, following a controversial chapter marked by crackdowns on non-compliant exchanges within the region. On February 5, 2024, the commission unveiled a new regulatory regime, which includes a license contingency for service providers seeking to maintain their operations.
Following a grace period, the commission has closed its doors on unregistered platforms.
Hong Kong Halts License Applications
On Thursday, February 29, the SFC website flagged a notice on its official website, announcing the deadline for unlicensed exchanges to cease operations.
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“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,” the notice stated.
The notice follows the expiration of the February 29 deadline provided by the commission for exchanges to file licensing applications, prohibiting crypto service providers from offering trading or exchange services to local investors.
The commission encouraged citizens to prepare for the exit of the now-banned exchanges, emphasizing the need to avoid unlicensed and non-compliant providers.
Hong Kong’s Licensed Exchanges
According to the Securities and Futures Commission, local crypto exchanges HashKey and OSL are the two fully licensed service providers eligible to offer services within the country.
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The commission also outlined a list of 20 exchange providers in the race for license approval, some of which are the subsidiary arms of OKX, Gate.io, and the Binance-linked VAEXC,
Justin Sun-backed crypto exchange HTX (formerly Huobi) also filed an application with the SFC on February 26, following reports of the exchange withdrawing a previously filed application with the commission.
Asserting that pending applications may not ultimately be granted licenses, the commission encouraged investors to exercise caution to protect against potential losses.
Find out more about this Hong Kong-based exchange that has gone AWOL:
Here’s Why BitForex Is Stirring Exit Scam Fears Among Users
To discover how the SUI token has performed so far in the ongoing market rally, read here:
SUI Dashes All-Time High Recovery Hopes, Loses TOP 10 By TVL
