HTX Withdraws Hong Kong License Application

The bitcoin exchange HTX, formerly known as Huobi, has withdrawn its application for a license in Hong Kong, according to the South China Morning Post (SCMP).

The publication reports that this occurred three days after submitting the form to the Securities and Futures Commission (SFC).

Under the regulatory regime adopted last year, companies offering crypto asset trading must submit licensing documents by February 29 or cease operations by June 1.

SCMP noted that among the applicants for approval in the jurisdiction are several companies that had ties to mainland China before the crackdown on the crypto industry.

Founded in Beijing in 2017, OKX applied in January. The exchange is registered in the Seychelles.

A similar move in the autonomous region was made by the Binance-affiliated platform HKVAEX.

The largest bitcoin exchange does not specify the jurisdiction of its headquarters in documents, but the current head of the company, Richard Teng, indicates residing in Dubai on his X account.

Founded in Hong Kong, Crypto.com, now based in Singapore, has also submitted documents for a license.

According to the SFC, a total of 18 firms are awaiting regulatory approval as digital asset trading service providers.

As reported by Bloomberg, Beijing is supportive of Hong Kong’s ambition to become a crypto hub.

Former BitMEX CEO Arthur Hayes suggested that China might be attempting to re-enter the industry through the region. A similar opinion was expressed by Animoca Brands co-founder Yat Siu.

However, Ethereum co-founder Vitalik Buterin expressed doubts about the stability of Hong Kong’s friendly policy towards crypto companies.