- Despite Hong Kong’s closure of centralized trading, OKX continues to offer Web3 services.
The withdrawal of OKX’s application for a Hong Kong Virtual Asset Service Provider (VASP) license was announced today by the international cryptocurrency exchange.
As required by law, the business will stop providing centralized trading services to residents of Hong Kong by May 31, 2024.
In a recent declaration, OKX stated that withdrawal services will continue to function normally until the designated date and that clients’ monies are protected. Users will still be able to withdraw their assets after May 31.
Additionally, the team advised clients not to make deposits after the May 31 cutoff. Any amounts that remain beyond this date will be handled as unclaimed property in line with the terms of usage of the company.
The exchange’s action fits with a larger pattern of cryptocurrency companies withdrawing their Hong Kong VASP applications. This comes after an amendment passed by the Legislative Council in December 2022 prepared the groundwork for a new licensing system to take effect in June 2023.
A number of other exchanges have also lately withdrew their VASP applications, including Huobi HK’s HTX, Gate.io’s Gate.HK, and the Binance-affiliated HKVAEX.
Users in the area will still be able to access OKX’s Web3 services, including self-hosted wallets, in spite of the withdrawal, the company said.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
