Hong Kong Cryptocurrency Exchanges Face Closure
Hong Kong has officially announced the closure of all cryptocurrency exchanges that have not applied for an operational license from the Securities and Futures Commission (SFC). Those who have failed to apply by the end of February 2024 are required to cease operations within three months.
At the beginning of the year, the SFC issued an ultimatum to cryptocurrency exchanges, giving them until February 29, 2024, to apply for a license or face closure. By the deadline, 22 exchanges had submitted their applications. However, some companies, like OKX, Gate.HK, and Huobi HK, decided to withdraw their applications shortly before the cutoff.
Gate.HK cited the need for a platform overhaul to meet regulatory requirements, with plans to return to the market once licensed. These measures are part of Hong Kong’s efforts to regulate the cryptocurrency sector, create transparency, and protect investors, ultimately leading to the closure of unregulated exchanges and international platforms.
