- OKX has made a U-turn in response to Hong Kong’s regulatory rules.
- The exchange withdrew its license application.
- Hong Kong users won’t be able to access some OKX services following the move.
OKX has withdrawn its Virtual Asset Service Provider (VASP) license in Hong Kong and will cease to provide trading services to the city’s residents by the end of this month, the crypto exchange said on Friday.
This development follows similar moves by Gate.io’s Hong Kong affiliate, HKVAEX, and Huobi HK earlier this month, which withdrew their VASP applications with the Hong Kong Securities and Futures Commission (SFC).
OKX Exits Hong Kong Trading Market
In an announcement dated May 24, OKX announced its decision to pull the license application, citing “careful consideration” as the motivation.
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“After careful consideration of our business strategy, we've decided to withdraw OKX HK's VASP license application at this time.” The statement read. “OKX will cease to provide centralized virtual asset trading services to Hong Kong residents by 31 May 2024 (Friday) in accordance with regulatory requirements.”
The exchange sought to reassure users of fund safety, noting that withdrawal services won’t be affected even after May 31. However, users might experience trouble with deposits after this date.
“Kindly refrain from making any deposits into your OKX account after 31 May 2024. Deposits made after 31 May 2024 (23:59:59 HKT) may not be automatically credited,” the exchange cautioned.
The crypto exchange also stated that its OKX Web3 wallet services are unaffected by the development and will remain available to Hong Kong users.
Read about OKX’s latest initiative in Australia:
OKX Expands Global Presence with New Australian Exchange
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Stay updated on OKX’s recent win in Singapore:
OKX Wins Singapore’s In-Principle Approval for MPI License
