OKX, the third-largest crypto alternate, withdrew its utility to function in Hong Kong.
The alternate joins a rising variety of candidates to have withdrawn from the approval course of.
OKX, one of many largest crypto exchanges, stated it withdrew its utility to supply digital asset companies in Hong Kong.
“After cautious consideration of our enterprise technique, we have determined to withdraw OKX HK’s VASP license utility at the moment,” the alternate stated on its web site.
The alternate, the third largest by quantity traded, based on CoinGecko knowledge, will cease offering centralized digital asset buying and selling companies within the territory by Might 31, it stated. After that, prospects will likely be ready solely to withdraw their funds.
Earlier this month a variety of different candidates, together with the Hong Kong-based subsidiary of HTX, Huobi Hong Kong, withdrew their functions with the Securities and Futures Fee.
Many main crypto exchanges, together with Crypto.com, and Bullish, the proprietor of CoinDesk, are at the moment having their licenses reviewed by the regulator. To this point the SFC has authorized solely two exchanges, the final in 2022.
