OKX withdraws VASP license application in Hong Kong
- OKX withdraws VASP license utility in Hong Kong.
- The change 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 utility in Hong Kong.
The change said in its web site that “after cautious consideration of our enterprise technique, we’ve determined to withdraw OKX HK’s VASP license utility at the moment.”
By withdrawing from Hong Kong, the change, ranked because the third largest globally by buying and selling quantity, follows an identical path taken by different main candidates like Huobi Hong Kong earlier this month. The transfer additionally follows the change’s withdrawal of VATP license utility for the second time in Could 15 this yr.
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 choice, described as a strategic reassessment by the corporate, emphasizes a shift in enterprise priorities amid a difficult regulatory atmosphere. Regardless of this transfer, OKX assures that buyer funds will stay secure 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 result of stringent regulatory frameworks and sluggish approval processes by the Securities and Futures Fee (SFC). Notably, the SFC has solely accredited 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 won’t be mechanically credited post-deadline.
Open orders remaining after Could 31 can be mechanically canceled, and the funds can be returned to customers’ accounts. Clients are inspired to withdraw their belongings by August 31, 2024, after which direct withdrawals or transfers will now not be doable.
The change’s Web3 providers, together with self-hosted wallets, will proceed to function usually in Hong Kong, permitting customers to keep up decentralized monetary actions with out interruption.
Within the meantime, OKX’s buyer assist staff stays obtainable to help customers throughout this transition.