Hong Kong Ends Crypto Exchange License Applications, Noncompliant Platforms to Close by May 31
On February 29, Hong Kong’s Securities and Futures Commission (SFC) closed its crypto licensing portal, setting a May 31 deadline for non-compliant exchanges to cease operations.
Exchanges that missed the deadline must shut down by May 31, according to a pop-up message on the Hong Kong SFC website.
The SFC, which handles virtual asset activities in the Hong Kong region, has released a list of crypto exchanges that have applied for approval.
So far, 22 crypto exchanges have taken steps towards getting the needed license from the SFC to operate in the country. A list on the Hong Kong SFC website revealed that popular crypto trading platforms such as OKX, Bybit, Crypto.com, Huobi, and others have initiated licensing procedures.
Hong Kong ends crypto exchange license applications, sets deadline for noncompliant platforms to cease operations by May 31. Investors urged to migrate to licensed platforms. SFC licensed two operators; 22 others applied. Suspicious activity reported on BitForex. #HongKong…
— Block Legal (@_BlockLegal) February 29, 2024
For agencies that still need to complete the February 29 deadline, the Hong Kong SFC stated that they have until May 31 to shut down their regional operations.
The SFC advised investors to “make preparations early” and transfer their digital assets to currently regulated platforms or those seeking licensing approval.
The agency will announce approved and declined applications on a public register by June 1, 2024.
After securing approval, virtual asset trading platforms can onboard new retail and institutional crypto investors and start marketing in Hong Kong.
To date, the Hong Kong SFC has approved only two crypto exchanges: HashKey Exchange and OSL Digital Securities. HashKey secured its
Read more on cryptonews.com
