Crypto Exchange HKX Becomes Latest to Withdraw License Application from Hong Kong
Cryptocurrency exchange HKX has decided to withdraw its license application from the Hong Kong Securities and Futures Commission (SFC), becoming the latest exchange to do so.
In an announcement made by the HKX management team, the Hong Kong-based crypto exchange stated that it would be shutting down its operations and advised existing users to withdraw their crypto assets.
“After careful consideration, our management team has decided to withdraw our application for the Type 1 and Type 7 licenses,” the exchange wrote in an official notice published on its website.
HKX initially applied for a license in Hong Kong back in February, but, like many other exchanges, it struggled to meet the regulatory requirements set by the Hong Kong authorities.
In preparation for its winddown, HKX had already halted new user registrations and suspended trading and deposit services as of May 29.
While the exchange currently has no immediate plans to resume its operations or reapply for a license, it is committed to facilitating the safe withdrawal of all assets for its users.
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