OKX Withdraws VASP License Application in Hong Kong
OKX Withdraws VASP License Utility in Hong Kong
Crypto alternate OKX launched on Friday that it has withdrawn its Virtual Asset Carrier Provider (VASP) license utility in Hong Kong and will end to provide procuring and selling companies and products to residents.
OKX joined Gate.io’s Hong Kong affiliate, HKVAEX, and Huobi HK in currently withdrawing their VASP applications from the Hong Kong Securities and Futures Commission. In its observation, the firm cited “careful consideration” of its enterprise approach because the explanation in the lend a hand of this choice nevertheless didn’t provide further basic parts.
OKX Withdraws Utility and Ceases Centralized Alternate Companies in Hong Kong
Complying with local regulatory necessities, OKX will end offering centralized crypto alternate companies and products to Hong Kong residents by Might perchance additionally 31. The alternate reassured customers that their funds might well perchance be procure; nevertheless, deposits made after this date might well not be mechanically credited, and any launch orders will be canceled.
Additionally, any launch orders by the end of Might perchance additionally will be canceled, and the funds will be transferred to the respective OKX memoir balances. Customers believe except August 31, 2024, to withdraw their belongings to self-custody wallets or accounts on other third-occasion platforms.
After the August decrease-off date, customers will lose the capability to launch squawk withdrawals or transfers, and any last balances will be handled as unclaimed property per OKX’s phrases of utilize.
Despite the discontinuance of its centralized alternate companies and products, OKX reminded clients that its OKX Web3 self-custodial wallet might well perchance be available to local customers and would not be struggling from this choice.
OKX Withdraws Utility Amidst Hong Kong’s Cryptocurrency Licensing Requirements
Hong Kong’s Legislative Council handed an modification introducing a licensing regime for cryptocurrency service suppliers in December 2022, with the fresh principles starting up off in June 2023.
Consequently, the Hong Kong Securities and Futures Commission (SFC) mandated that every regional crypto exchanges label an operational license. Exchanges that failed to apply for a license were required to live their companies and products by Might perchance additionally 31, 2024.
OKX in the origin submitted its VASP utility to the Hong Kong Securities and Futures Commission (SFC) on November 16.
Many other world exchanges believe applied for these retail procuring and selling licenses. The SFC had been reviewing applications from 20 crypto companies, in conjunction with well-liked names admire OKX, Bybit, Bullish, and Crypto.com.
OKX has been active in other jurisdictions without reference to its withdrawal from Hong Kong. In January, the alternate got a VASP license in Dubai and has currently expanded its companies and products to Turkey and Australia.
Source : cryptonews.com
