OKX withdraws VASP license application in Hong Kong
OKX withdraws VASP license application in Hong Kong
- OKX withdraws VASP license application in Hong Kong.
- The stock exchange will hire the trade by May 31st.
- users can withdraw money by August 31st.
OKX has announced the withdrawal of his license application as a virtual asset service provider (VASP) in Hong Kong.
On your website, the stock exchange explained: "After careful examination of our business strategy, we decided to withdraw the VASP license application from OKX HK at the present time."
With its retreat from Hong Kong, the stock exchange, which is the third largest worldwide according to trading volume, follows a similar way that other great applicants like Huobi Hong Kong took at the beginning of the month.
OKX stops operating in Hong Kong on May 31st
With effect from May 31, 2024, OKX will post the provision of centralized commercial services for cryptocurrency systems for residents of Hong Kong.
This decision, which the company describes as a strategic reassessment, underlines a shift in business priorities in a challenging regulatory environment. Despite this step, OKX assures that the customer funds remain safe and that users continue to have the opportunity to withdraw their assets.
The step is in accordance with a growing trend, since several exchanges in Hong Kong re -rate their activities in Hong Kong due to strict regulatory framework and slow approval procedures by the Securities and Futures Commission (SFC). In particular, the SFC has only approved two stock exchanges since 2022, which underlines the strict valid standards.
From June 1, 2024, OKX supports only in Hong Kong and advises users of deposits, since these may not be automatically credited after the deadline.
Open orders that are still open after May 31 are automatically canceled and the funds are booked back to the accounts of the users. Customers are asked to withdraw their assets by August 31, 2024, after which direct withdrawals or transfers are no longer possible.
The web3 services of the stock exchange, including self-hosted wallets, will continue to work normally in Hong Kong, so that users can carry out decentralized financial activities without interruption.
In the meantime, OKX customer support team is still available to support users during this transition.
Source: Coinlist.me
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