OKX Withdraws VASP License Application in Hong Kong
Cryptocurrency exchange OKX has announced its decision to withdraw its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. This move comes as part of a change in the company’s business strategy in the region.
Starting from May 31, 2024, users from Hong Kong will only be able to withdraw funds from the OKX platform. The company has advised all clients in Hong Kong to complete any necessary financial operations and withdraw their assets by August 31, 2024. After this date, direct transactions such as transfers and withdrawals will no longer be available, so users are encouraged to act promptly to avoid any potential loss of access to their funds.
This decision by OKX follows a similar move made by cryptocurrency exchange HTX, which also recently withdrew its VASP license application in Hong Kong. With these changes, OKX is ending its operations in Hong Kong and limiting access to its services in this important financial hub, reflecting the evolving strategies and regulatory landscape for cryptocurrency companies in various jurisdictions.
