HKX Leaves Hong Kong

Hong Kong-based cryptocurrency exchange HKX has recently joined the growing number of exchanges that have chosen to withdraw their license applications from the Hong Kong Securities and Futures Commission (SFC).

On July 18, HKX management announced their decision to close down the exchange and advised current users to withdraw their cryptocurrency assets.

The announcement, posted on the official HKX website, stated the reasons for this decision:

“After careful consideration, our management team has decided to withdraw our applications for the Type 1 and Type 7 licenses under the Securities and Futures Ordinance (Cap. 571) as well as the virtual asset service provider license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).”

Back in February, HKX had initially applied for a license from Hong Kong regulators. However, like many other exchanges, it was unable to meet the country’s regulatory requirements.