Cryptocurrency exchange HKX has decided to retract its licensing applications from the Hong Kong Securities and Futures Commission (SFC).
The management team is now recommending that consumers withdraw their cryptocurrency assets. HKX initially applied for a license to operate in Hong Kong in February, but it was among thirteen other exchanges or trading platforms that failed to comply with Hong Kong’s requirements.
HKX stated on July 18 its plan to gradually close down the exchange. HKX ceased trading and deposit services on May 29 and halted new user registrations in anticipation of its demise.
The company currently has no plans to reintroduce its services or submit a new application for a license in the near future. Entrance.
Hong Kong withdrew its license application due to its failure to meet the local licensing standards. Entrance.
HK declared its shutdown in May, citing the need to reconstruct its platform in order to comply with Hong Kong’s regulatory requirements, which involve implementing measures to combat money laundering and terrorism financing.
