Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»OKX withdraws VASP license application from Hong Kong
ADOPTION NEWS

OKX withdraws VASP license application from Hong Kong

By Crypto FlexsMay 25, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
OKX withdraws VASP license application from Hong Kong
Share
Facebook Twitter LinkedIn Pinterest Email

OKX announced last Friday that it had withdrawn its application for a VASP license in Hong Kong.

In a statement, the cryptocurrency exchange cited “careful consideration” of its business strategy as the motivation for its decision, without going into further detail as to why. OKX was unable to expand on its statement upon request from The Block.

In line with local regulatory requirements, OKX said it would discontinue its centralized cryptocurrency exchange services for Hong Kong residents by May 31.

Although the cryptocurrency exchange has tried to reassure users that their funds remain safe, deposits after this date may not be automatically credited and open orders will be cancelled. After May 31, the withdrawal feature will be the only option available to Hong Kong residents until August 31, after which any remaining balance will be considered “unclaimed property” under the platform’s terms, it added.

OKX submitted its VASP application to the Hong Kong Securities and Futures Commission on November 16, but withdrew it today without giving a reason for OKX’s withdrawal, as confirmed on the SFC website.

“Virtual asset trading platforms operating in Hong Kong that have not submitted their license applications to the SFC by February 29, 2024, will be required to close their operations in Hong Kong by May 31, 2024. Investors using these platforms should prepare early,” the site states.

The cryptocurrency exchange also reminded customers that apart from the centralized exchange services, the OKX Web3 self-managed wallet is not affected and will remain available to local users.

OKX joins other cryptocurrency companies in withdrawing Hong Kong VASP application

Hong Kong’s Legislative Council has passed amendments introducing a licensing regime for cryptocurrency service providers in December 2022, with new regulations starting in June 2023.

Many global exchanges have applied for these retail trading licenses. The SFC has been reviewing applications from 20 cryptocurrency companies, including OKX, Bybit, Bullish and Crypto.com.

However, OKX recently joined other cryptocurrency exchanges to withdraw their applications to local regulators, including Gate.io’s Hong Kong affiliate Gate.HK, Binance-linked HKVAEX and HTX’s Huobi HK.

Last January, OKX obtained a VASP license in Dubai and recently opened cryptocurrency exchange services in Turkey and Australia.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025

The best Solana depin project to form the future -Part 2

September 8, 2025
Add A Comment

Comments are closed.

Recent Posts

Ether Leeum World Fair Announcement

September 24, 2025

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Navigating Policy & Regulation in Blockchain

September 23, 2025

Flipster Debuts Market’s First USD1 Perps For BTC, ETH, SOL, XRP, And DOGE

September 23, 2025

BYDFi Joins Korea Blockchain Week 2025 (KBW2025): Deepening Web3 Engagement

September 23, 2025

MEXC Brings Immersive Experience With ‘0 Fee Lounge’ To Token2049

September 23, 2025

Moonbirds And Azuki IP Coming To Verse8 As AI-Native Game Platform Integrates With Story

September 23, 2025

Buying NFT is like buying a Mickey Mouse T -shirt and an IP.

September 23, 2025

ETH-Based Little Pepe Raises $26M In Presale

September 23, 2025

Seoul Exchange, One Of Only Two Licensed Platforms For Unlisted Securities, Will Exclusively Use Story To Settle Tokenized RWAs

September 22, 2025

Bitcoin And Dogecoin Are Trending. Use TALL Miner To Earn A Steady $8,750 Per Day And Double Your Wealth.

September 22, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Ether Leeum World Fair Announcement

September 24, 2025

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Navigating Policy & Regulation in Blockchain

September 23, 2025
Most Popular

CoinMarketCap’s new ChatGPT plugin provides users with personalized analytics.

November 26, 2023

Private Key – What exactly is the one word seed word?

March 2, 2024

Web3 game production platform produced by the community produced for the public

May 26, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.