HKVAEX, Linked to Binance, Withdraws License Application from Hong Kong's SFC
HKVAEX, Linked to Binance, Withdraws License Utility from Hong Kong’s SFC
The crypto alternate HKVAEX, linked to the sphere’s supreme crypto alternate, Binance, has withdrawn its virtual asset trading platform license utility from the Hong Kong Securities and Futures Fee (SFC) submit-lower-off date.
The Hong Kong securities regulator asked crypto exchanges and firms to coach for the license ahead of the lower-off date of February 29.
HKVAEX Withdraws Utility for Virtual Asset Trading Platform License in Hong Kong
The Virtual Asset Trading Platform (VATP) is a license supplied by the federal government of Hong Kong that permits crypto exchanges to operate within the effect of living’s bounds.
Though the license has been accessible for a total lot of years now, entirely two exchanges—HashKey and OSL—for the time being enjoy one. HashKey secured its approval in November 2022, with its competitor getting the nod a month later in December 2022. Plenty of candidates had been on the waitlist for a while, alongside with HKVAEX, linked with Binance, except the earlier day, when the firm withdrew its utility.
- Source: sfc.hk
HKVAEX, which reportedly shares technical and totally different sources with Binance, in step with Chinese issue media SCMP, submitted its utility on January 4. On the opposite hand, the alternate seems to be to be missing from the list of firms whose license applications are on Hong Kong’s SFC web negate online online, which confirms that HKVAEX withdrew its license utility almost three months after the filing.
Particularly, the SFC publicly maintains a list of crypto platforms that could receive operational licenses to expand public awareness of stable crypto trading.
The explanations at the relieve of the withdrawal are unclear. Some take into consideration it’d be due to a search data from to alternate the audit company, insufficient affords, or totally different reasons.
The Hong Kong SFC stipulates that crypto trading platforms explain for regional operational licenses by February 29, also atmosphere a Would possibly perchance furthermore unbiased 31 lower-off date for non-compliant exchanges to remain operations. In consequence, HKVAEX must shut their businesses in Hong Kong by Would possibly perchance furthermore unbiased 31.
As properly as to HKVAEX, three totally different virtual asset trading platforms withdrew their license applications in 2024, despite the truth that the reasons stay undisclosed. This entails Huobi, a eminent global crypto alternate.
HTX (Previously Huobi) Resubmits License Utility in Hong Kong After Initial Withdrawal
In February, HTX, formerly is known as Huobi, withdrew its license utility in Hong Kong after which resubmitted it. HTX first and major submitted the alternate license utility in early February, entirely to withdraw three days later on February 23, citing the Securities and Futures Fee’s list of license candidates. The corporate, nevertheless, resubmitted the utility on February 27, in step with the SFC’s web negate online online.
No longer like its neighbouring Chinese mainland’s broader crypto trading and mining crackdown, Hong Kong rolled out the welcome mat for crypto firms closing Twelve months. In June 2023, Hong Kong officially began its crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to provide retail trading providers and products. Many global exchanges comprise applied for the retail trading licenses.
In response to its web negate online online, the monetary regulator is officially reviewing applications from 19 crypto firms, alongside with OKX, Bybit, Bullish, and Crypto.com. The SFC urged investors to seem at trading platforms the utilization of its public register of licensed persons and registered institutions and the list of licensed virtual asset trading platforms for relevant data on licensed entities, alongside with their official web sites.
Source : cryptonews.com
