HTX Drops License Application in Hong Kong

The Securities and Futures Commission of Hong Kong has announced that the Hong Kong entity of HTX has chosen to withdraw its application to operate as a “virtual asset trading platform” and offer retail trading services. This decision was reflected on the regulator’s website.

HBGL Hong Kong Limited, also known as Huobi HK, had initially submitted its application for an exchange license last week but chose to withdraw it three days later on February 23. A spokesperson for HTX clarified that Huobi HK operates independently from HTX.

However, Huobi HK has not responded to The Block’s request for comment. According to the Hong Kong SFC, crypto trading platforms that do not submit their license applications by February 29 will be required to cease operations in Hong Kong by May 31.

Unlike its neighboring country China, which has taken a harsher stance on crypto trading and mining, Hong Kong has been welcoming to crypto firms.

In June 2020, Hong Kong implemented its licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services.