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Crypto Exchange Giant OKX To Pull Trading Services From Hong Kong at the End of the Month

May 25, 2024

The crypto exchange giant OKX will shutter its digital asset trading services in Hong Kong at the end of the month.

OKX says it decided to pull its application for a virtual asset trading platform license in Hong Kong “after careful consideration of the business development prospects.”

The exchange will stop providing trading services on May 31st, though its customers will still be able to make withdrawals. OKX’s web3 self-hosted wallet will also continue to provide services to customers.

OKX is one of ten crypto exchanges that have withdrawn their trading platform license applications in the special administrative region.

The Justin Sun-affiliated trading giant HTX also pulled its application in late February. The Seychelles-headquartered exchange reapplied shortly afterward but withdrew its application again earlier this month, according to a report from the South China Morning Post (SCMP).

The special administrative region’s financial regulator, the Securities and Futures Commission (SFC), has so far licensed only two crypto trading platforms, though 18 other exchanges are awaiting decisions on their applications.

Hong Kong launched new crypto exchange regulations last June. Some digital asset stakeholders have argued they are a burden for trading platforms, according to an SCMP report.

OKX, which is also headquartered in the Seychelles, is currently the third-largest crypto exchange by 24-hour trading volume, behind only Binance and Bybit, according to CoinGecko.

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