Hong Kong’s OSL Reportedly Seeks $128M Sale Amid Profit Woes

The exchange is allegedly facing significant profitability challenges and actively considering a strategic sell-off.

Business man in suit selling a digital property.
Created by Gabor Kovacs from DailyCoin
  • Cryptocurrency exchange OSL reportedly weighs platform sales at HK$1 billion.
  • The exchange was one of the first two officially licensed exchanges in Hong Kong.
  • The platform has reportedly withdrawn its digital license application from Singapore.

Hong Kong-based cryptocurrency exchange OSL is reportedly exploring the possibility of a sale, with a valuation set at HK $1 billion, equivalent to US$128 million. 

The development follows its recognition in August as one of the first two exchanges to become a fully licensed entity in Hong Kong, raising speculations of a troubled market situation within the region.

Is OSL Folding Up?

According to a Bloomberg report on October 16th, OSL’s parent company, BC Technology Group, is actively soliciting interest from potential buyers for its digital asset platform.


The exchange allegedly operates at a loss as its profitability has remained elusive for an extended period despite its range of services, including prime brokerage, exchange operations, and infrastructure support to financial institutions engaged in virtual asset trading.

OSL’s underperformance as BC Group’s main income contributor has allegedly impacted the company’s market value, with an 80% decline from its peak during the crypto bubble era in June 2021.

The unexpected turn of events coincides with Hong Kong’s recent industry troubles involving the controversial crypto exchange JPEX, which defrauded over 1,641 local investors of a combined HK$1.19 billion (US$152.2 million). The report added at deliberations is ongoing, and there is no official confirmation from BC Technology Group or OSL.


OSL has also reportedly withdrawn its application for a digital asset platform license in Singapore.

Read more on crypto expansion in Asia: 
Upbit Wins Preliminary Approval For MPI-License In Singapore 

To dive deeper into the JPEX exchange scandal, read here:
JPEX Exchange Shuts Down Operations as SFC Probe Escalates 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.