- OKX withdraws VASP license software in Hong Kong.
- The trade will stop buying and selling providers by Could 31.
- Customers can withdraw funds till August 31.
OKX has introduced the withdrawal of its Digital Asset Service Supplier (VASP) license software in Hong Kong.
The trade said in its web site that “after careful consideration of our business strategy, we’ve decided to withdraw OKX HK’s VASP license application at this time.”
By withdrawing from Hong Kong, the trade, 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 trade’s withdrawal of VATP license software for the second time in Could 15 this 12 months.
OKX to stop Hong Kong operations from Could 31
Efficient Could 31, 2024, OKX will stop offering centralized crypto asset buying and selling providers to Hong Kong residents.
This determination, described as a strategic reassessment by the corporate, emphasizes a shift in enterprise priorities amid a difficult regulatory surroundings. Regardless of this transfer, OKX assures that buyer funds will stay protected and that customers will retain the power to withdraw their belongings.
The transfer aligns with a rising pattern as a number of exchanges reevaluate their operations in Hong Kong as a consequence of stringent regulatory frameworks and gradual 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 towards making deposits as these may not be robotically credited post-deadline.
Open orders remaining after Could 31 might be robotically canceled, and the funds might 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 potential.
The trade’s Web3 providers, together with self-hosted wallets, will proceed to function usually in Hong Kong, permitting customers to take care of decentralized monetary actions with out interruption.
Within the meantime, OKX’s buyer assist crew stays obtainable to help customers throughout this transition.