OKX is pulling out of Hong Kong: No reason given

OKX, the world’s largest exchange after Binance, has decided to withdraw from the Hong Kong market. Deposits and transactions will cease as of May 31, but withdrawals will continue until August 31. The exchange did not provide any information about the withdrawal from the Hong Kong market, except to say that it was a “strategic decision”.

OKX is pulling out of Hong Kong: No reason given

Another exchange decided to withdraw from Hong Kong, which introduced new crypto regulations as of June 1 last year and introduced strict compliance rules. OKX, one of the world’s most important and largest exchanges, announced that it will not be in the Hong Kong market as of May 31.

In the statement, it was stated that the virtual asset provider (VASP) license was withdrawn, but no detailed reason was given. OKX customers in Hong Kong will continue to use their Web3 wallets, but will have to withdraw their assets from the exchange by August 31. From May 31, only withdrawals will be possible.

Hong Kong is known for being one of the fastest crypto-regulated jurisdictions in the world, opening Bitcoin and Ether futures. However, it is known that the rules of anti-money laundering, cybersecurity protocols and governance standards set by regulatory bodies are just as harsh.

SFC, the regulatory body of Hong Kong, which is also stated to be China’s gateway to the world in terms of crypto, has so far licensed only two exchanges, OSL and HashKey. Both of these exchanges are headquartered in Hong Kong.

Previously, Huobi HK, Meex, BitHarbour and Ammbr exchanges had also withdrawn their applications.

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