OKX has withdrawn its license application in Hong Kong. Funds are completely safe and can be withdrawn by clients with accounts in Hong Kong.
Let’s explore this news in detail below:
Customer Safety and Withdrawal Services
- Thursday morning, the major crypto exchange OKX said it had withdrawn its application to provide digital asset services in Hong Kong because it had reviewed its business strategy wisely.
- According to the regulations, OKX announced that by the 31st Day of May which falls within the next week, it shall stop offering centralized virtual asset trading services to residents in Hong Kong.
- The article states that withdrawal services will not be affected as well as the safety of all customer funds. Customers are requested by OKX not to make any further deposits effective from May 31
Account Transfers and Deadline
You can move money from your account at OKX either into your personal wallet or into an account in another third-party system, but this is only possible until 31st August. Any money left on OKX accounts after this date will lose its status of accounted for asset and become something like a lost and found fund
Regulatory Challenges in Hong Kong
According to a report by the South China Morning Post, earlier this week Gate.HK withdrew its license application to the Securities and Futures Commission (SFC) under a new regulation that requires every exchange serving customers in Hong Kong to obtain a licensed permit.
Meeting the SFC’s conditions has been a big struggle, according to the Morning Post as a number of companies have pulled out.
OKX, a major crypto exchange, has withdrawn its request for digital asset services in Hong Kong. All client funds are secure; cuts made have no bearing on withdrawal services, they shall function as normal. On the other hand, Gate.HK backed down from its license application because of regulatory issues.
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Conclusion-
Major crypto exchange OKX has withdrawn its application for digital asset services in Hong Kong. All customer funds are safe, and withdrawal services remain unaffected. Meanwhile, Gate.HK also withdrew its license application due to regulatory challenges.
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