HTX withdraws license application in Hong Kong

Companies • February 27, 2024, 12:32AM EST

Published 1 minute earlier on

Quick Take

Huobi HK has withdrawn its license application as a crypto exchange in Hong Kong, according to the regulator’s website.

A spokesperson for HTX said that Huobi HK operates independently from HTX. Huobi HK did not immediately respond to The Block’s request for comment.

The Hong Kong SFC stipulates that crypto trading platforms that fail to submit their license applications by Feb. 29 will need to close down their businesses in Hong Kong by May 31.

Unlike its neighboring Chinese mainland’s broader crackdown on crypto trading and mining, Hong Kong rolled out the welcome mat for crypto firms last year. In June 2023, Hong Kong officially started its crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. Hong Kong has granted licenses to two platforms — HashKey and OSL.

Many global exchanges have applied for such retail trading licenses. The financial regulator is officially reviewing applications from 19 crypto firms, including OKX, Bybit, Bullish and Crypto.com, according to its website. HKVAEX, a crypto platform reportedly linked to Binance, applied for the same license on Jan. 4, according to the SFC’s list of applicants.

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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.