The cryptocurrency exchange HKX withdraws from Hong Kong market
The cryptocurrency exchange HKX, registered in the Seychelles, has decided to withdraw from the Hong Kong market after failing to obtain a license from the Securities and Futures Commission (SFC). The exchange, which originally planned to continue its operations in Hong Kong, has faced difficulties in meeting the strict requirements of the local regulator.
According to information released on July 22, HKX officially announced its decision to withdraw its license application from the SFC. This decision was made after a thorough analysis of all the conditions and consequences that arose in the process of trying to comply with regulatory requirements.
HKX’s departure from Hong Kong is not an isolated case. In the past month, 13 cryptocurrency exchanges have already announced their intention to leave the region. These companies have also encountered difficulties in complying with SFC requirements, leading to the withdrawal of license applications.
Furthermore, the SFC had previously issued a warning against seven cryptocurrency trading platforms, such as Taurusemex, Yomaex, Bitones.org, and others. The regulator accused these platforms of fraud and deceiving investors, contributing to a negative image for cryptocurrency operations in Hong Kong.
Therefore, HKX’s withdrawal underscores the current challenges faced by cryptocurrency exchanges when trying to comply with strict financial regulations in Hong Kong.
