Gate.HK, crypto exchange Gate.io’s Hong Kong entity, is winding down operations and has withdrawn its crypto trading platform license application in the region.

The company said in a statement on Wednesday that it will carry out a “major overhaul” of its current platform and urged users to withdraw their assets by August 28.

Gate.HK said that it will stop new user registration and deposit immediately, and plans to delist all tokens — including bitcoin, ether, bitcoin cash, litecoin, solana, polkadot, polygon, uniswap and USDT — on May 28.

“Gate.HK is actively working on the aforementioned overhaul,” the company said in the statement. “We plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.”

The …