Major cryptocurrency exchange OKX will cease its digital asset trading services in Hong Kong at the end of this month.
OKX said it had decided to withdraw its application for a virtual asset trading platform license in Hong Kong “after carefully considering the prospects for its business development.”
The exchange will cease providing trading services on May 31, but customers will still be able to withdraw funds. OKX's Web3 self-hosted wallet will also continue to serve customers.
OKX is one of 10 cryptocurrency exchanges that have withdrawn their applications for trading platform licenses in the special administrative region.
HTX, a major exchange linked to Justin Sun, also withdrew its application in late February, after which the Seychelles-based exchange reapplied shortly after, only to withdraw it again earlier this month, as reported by the South China Morning Post (SCMP).
The special administrative region's financial regulator, the Securities and Futures Commission (SFC), has so far granted licenses to only two crypto trading platforms, with 18 other exchanges awaiting decisions on their applications.
Hong Kong introduced new cryptocurrency trading regulations in June last year, which some digital asset players claim will be a burden for trading platforms, according to a report by the South China Morning Post.
OKX, also headquartered in Seychelles, is currently the third-largest crypto exchange by 24-hour trading volume, behind Binance and Bybit, according to CoinGecko.
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