Exchange OKX withdraws license application and will suspend operations in Hong Kong – DiarioBitcoin

The temporary departure from Hong Kong by OKX It is due to the restructuring of its commercial strategy. The measure will become effective as of May 31, so local users are invited to take precautions.

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• OKX will suspend operations in Hong Kong
• License application withdrawn VASP and will cease operations locally on May 31
• Users will be able to withdraw their funds even after the closing date
• Other exchanges have also chosen to suspend operations in Hong Kong this month

The international exchange based in the Seychelles Islands, OKX (formerly OKEX), withdrew its application to operate as a Virtual Asset Service Provider (VASP) in Hong Kong, and will also stop providing services locally.

Suspension of services in Hong Kong

According to official information shared by the exchange, cited by various media, the team OKX alleges that the measure is associated with the restructuring of its commercial strategy, so For now, they will stop operating in the Hong Kong market, a measure that will become effective as of May 31.

In this regard, in a statement published by OKX it reads:

OKX will stop providing centralized virtual asset trading services to Hong Kong residents by May 31, 2024 in accordance with regulatory requirements.

The exchange team invites all interested parties to refrain from making deposits into their exchange accounts. OKX after May 31, since it is very likely that they will not be accredited within the platform. Regarding withdrawals, they indicate that these will continue to operate even after the aforementioned date.

They also clarified that the Wallet OKX Web3 It will not be affected after the exchange ceases operations, so residents will be able to continue using this software as normal.

The measure announced by OKX joins similar resolutions announced by Gate.io and Huobi HK this month, which also withdrew their applications VASP before the Hong Kong Securities and Futures Commission (SFC).

As to OKX, The temporary exit from the Hong Kong market comes a month after the resignation of two senior executives. They had been serving the organization for more than five years, and the reasons why they stopped their work are unknown.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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