OKX withdraws VASP license application from Hong Kong
The well-known crypto trade OKX introduced its choice to withdraw its Digital Asset Service Supplier (VASP) license utility from Hong Kong.
In a discover posted on OKX’s weblog, the trade cited cautious consideration of its enterprise technique because the inspiration for the choice, although it did no present particular particulars. In consequence, OKX will halt its centralized crypto trade providers for Hong Kong residents by Could 31, in compliance with native regulatory necessities.
The trade reassured customers that their funds stay secure. Nonetheless, it famous that deposits made after Could 31 is probably not robotically credited, and open orders might be canceled. Submit-Could 31, the one accessible perform for Hong Kong residents might be withdrawals, which might be supported till August 31. After this date, any remaining balances might be deemed “unclaimed property” underneath the platform’s phrases.
OKX had initially submitted its VASP utility to the Hong Kong Securities and Futures Fee on November 16 however determined to withdraw it, as confirmed by the SFC’s web site.
“Digital asset buying and selling platforms working in Hong Kong which haven’t submitted their license purposes to the SFC by 29 February 2024 should shut down their companies in Hong Kong by 31 Could 2024. Traders utilizing these platforms ought to make preparations early,” the weblog mentioned.
Continuation of OKX Web3 providers
OKX additionally reminded clients that its OKX Web3 self-custodial pockets, which is separate from its centralized trade providers, will stay unaffected and accessible to native customers.
Following the introduction of latest licensing rules by Hong Kong’s Legislative Council in December 2022, OKX and several other different crypto exchanges, like Gate.HK and Huobi HK, have withdrawn their purposes for a VASP license in Hong Kong. This motion comes as OKX expands its operations with new licenses and providers in Dubai, Turkey, and Australia.
