• OKX withdraws VASP license software in Hong Kong.
• The change will stop buying and selling providers by Could 31.
• Customers can withdraw funds till August 31.

OKX has introduced the withdrawal of its Digital Asset Service Supplier (VASP) license software in Hong Kong.

The change said in its web site that “after careful consideration of our business strategy, we’ve decided to withdraw OKX HK’s VASP license application at this time.”

By withdrawing from Hong Kong, the change, ranked because the third largest globally by buying and selling quantity, follows an identical path taken by different main candidates like Huobi Hong Kong earlier this month. The transfer additionally follows the change’s withdrawal of VATP license software for the second time in Could 15 this 12 months.

OKX to stop Hong Kong operations from Could 31

Efficient Could 31, 2024, OKX will stop offering centralized crypto asset buying and selling providers to Hong Kong residents.

This resolution, described as a strategic reassessment by the corporate, emphasizes a shift in enterprise priorities amid a difficult regulatory setting. Regardless of this transfer, OKX assures that buyer funds will stay protected and that customers will retain the flexibility to withdraw their belongings.

The transfer aligns with a rising development as a number of exchanges reevaluate their operations in Hong Kong attributable to stringent regulatory frameworks and gradual approval processes by the Securities and Futures Fee (SFC). Notably, the SFC has solely authorized two exchanges since 2022, highlighting the rigorous requirements in place.

From June 1, 2024, OKX will solely assist withdrawal transactions in Hong Kong, advising customers in opposition to making deposits as these won’t be mechanically credited post-deadline.

Open orders remaining after Could 31 shall be mechanically canceled, and the funds shall be returned to customers’ accounts. Prospects are inspired to withdraw their belongings by August 31, 2024, after which direct withdrawals or transfers will now not be doable.

The change’s Web3 providers, together with self-hosted wallets, will proceed to function usually in Hong Kong, permitting customers to take care of decentralized monetary actions with out interruption.

Within the meantime, OKX’s buyer assist group stays obtainable to help customers throughout this transition.