- OKX withdraws VASP license utility in Hong Kong.
- The alternate will stop buying and selling providers by Might 31.
- Customers can withdraw funds till August 31.
OKX has introduced the withdrawal of its Digital Asset Service Supplier (VASP) license utility in Hong Kong.
The alternate said in its web site that “after cautious consideration of our enterprise technique, we’ve determined to withdraw OKX HK’s VASP license utility at the moment.”
By withdrawing from Hong Kong, the alternate, ranked because the third largest globally by buying and selling quantity, follows an analogous path taken by different main candidates like Huobi Hong Kong earlier this month. The transfer additionally follows the alternate’s withdrawal of VATP license utility for the second time in Might 15 this 12 months.
OKX to stop Hong Kong operations from Might 31
Efficient Might 31, 2024, OKX will stop offering centralized crypto asset buying and selling providers to Hong Kong residents.
This choice, described as a strategic reassessment by the corporate, emphasizes a shift in enterprise priorities amid a difficult regulatory setting. Regardless of this transfer, OKX assures that buyer funds will stay protected and that customers will retain the flexibility to withdraw their belongings.
The transfer aligns with a rising pattern as a number of exchanges reevaluate their operations in Hong Kong because of stringent regulatory frameworks and sluggish approval processes by the Securities and Futures Fee (SFC). Notably, the SFC has solely accepted two exchanges since 2022, highlighting the rigorous requirements in place.
From June 1, 2024, OKX will solely assist withdrawal transactions in Hong Kong, advising customers in opposition to making deposits as these may not be routinely credited post-deadline.
Open orders remaining after Might 31 can be routinely canceled, and the funds can be returned to customers’ accounts. Prospects are inspired to withdraw their belongings by August 31, 2024, after which direct withdrawals or transfers will not be doable.
The alternate’s Web3 providers, together with self-hosted wallets, will proceed to function usually in Hong Kong, permitting customers to keep up decentralized monetary actions with out interruption.
Within the meantime, OKX’s buyer assist crew stays accessible to help customers throughout this transition.
