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HTX Withdraws License Application in Hong Kong

 

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HBGL Hong Kong Limited, also known as Huobi HK, initially submitted the exchange license application last week only to withdraw three days later on Feb. 23, the South China Morning Post reported, citing the Securities and Futures Commission’s list of license applicants.

 

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.

 

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

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

 

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