As of May 31, OKX will no longer provide crypto trading services to those in Hong Kong.

Cryptocurrency exchange OKX OKX has publicly disclosed the withdrawal of its Hong Kong subsidiary, OKX HK, from the application process for a local VASP license. As a result, the platform will stop providing services to users in Hong Kong starting May 31st.

The exchange has attempted to reassure its users that their funds will remain safe. Nonetheless, be aware that deposits made after May 31st may not be automatically credited, and any existing open orders will be voided. From that date, until August 31st, Hong Kong users will only be able to withdraw funds. After that date, any remaining amounts will be treated as 'unclaimed property' under the platform's policy.

In its official communication, the exchange reassured users that the OKX Web3 self-custody wallet services will still be operational and accessible for users in Hong Kong.

OKX started its operations in Hong Kong in June 2023 and filed for a VASP license with the Hong Kong Securities and Futures Commission (SFC) on November 16th; however, it has now retracted that application, as confirmed by the SFC's official website. The specific reasons behind this withdrawal remain undisclosed.

Following the actions of Cryptocurrencylistings.com and HTX, OKX is the second exchange this week to withdraw its license from Hong Kong.

This week, Cryptocurrencylistings.com's local branch, Gate.HK, also expressed its intention to halt operations and pulled its license application from the area. This follows a similar decision by Huobi HK, associated with HTX. canceled its application last week.

Under the regulations set forth by the SFC, cryptocurrency trading platforms that have applied for licensing are expected to halt their local operations by May 31st or within three months after receiving any supplementary notice. missed the February 29th date Numerous international exchanges have sought retail trading licenses in Hong Kong. According to the SFC's website, the regulatory authority is currently assessing applications from approximately 20 different entities, including notable names like Bybit, Bullish, and Crypto.com.

The Hong Kong Securities and Futures Commission wishes to inform users that the information provided here is not meant to serve as legal, tax, investment, or any other type of advice. It is vital to only invest what you can comfortably afford to lose and to seek expert financial consultation if you have uncertainties. For additional information, please review the terms and conditions along with the help sections provided by the respective issuer or advertiser. MetaversePost strives for accuracy and impartiality in its reporting, but market situations may change unexpectedly. cryptocurrency firms Alisa, a passionate journalist at Cryptocurrencylistings, covers topics related to cryptocurrency, zero-knowledge proofs, investments, and the broader scope of Web3. With her sharp insight into emerging trends and innovations, she provides detailed analysis designed to inform and engage readers within the rapidly evolving space of digital finance.