On Tuesday, HTX’s Hong Kong affiliate withdrew its license application for the second time, casting doubt on the exchange’s ability to operate legally in the region. 
HBGL Hong Kong Limited (Huobi HK) was included among the applicants who withdrew their applications from the list of those seeking virtual asset trading platforms.&nbsp; 
However, it was removed from the list on Tuesday, as per the <a href="https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms" target="_blank" rel="noreferrer noopener">website</a> of the Securities and Futures Commission. This action was taken after the company withdrew its initial application on February 23 and resubmitted it on February 26.&nbsp; 
However, the SFC did not specify why the firm withdrew its application. The SFC stated that crypto trading platforms must shut down their operations in Hong Kong by May 31 or within three months of further notification if they fail to submit their license applications by February 29. 
Hong Kong always welcomes crypto firms, but on the other hand, its neighbor, China has imposed a wide-ranging crackdown on crypto trading and mining. In June 2023, the city officially launched its crypto licensing regime for virtual asset trading platforms, enabling licensed exchanges to provide retail trading services. 
The SFC is formally examining the applications of twenty cryptocurrency exchange companies, including OKX, Bybit, Bullish, and Crypto.com, who have applied for such retail trading licenses Currently, Hong Kong has granted licenses to two platforms—HashKey and OSL. 
The cryptocurrency platform HKVAEX, which was <a href="https://www.cryptotimes.io/2023/10/25/binance-allegedly-behind-hkvaex-applying-for-crypto-license/">purportedly connected to Binance</a>, declared last month that it was <a href="https://www.hkvaex.hk/en" target="_blank" data-type="link" data-id="https://www.hkvaex.hk/en" rel="noreferrer noopener">closing</a> down following the withdrawal of its application for a license on March 28. The platform officially closed on May 1. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/03/29/hkvaex-withdraws-hong-kong-license-application-post-deadline/" target="_blank" rel="noreferrer noopener">HKVAEX Withdraws Hong Kong License Application Post-Deadline</a> 
</blockquote>

Huobi HK Withdraws Virtual Asset Trading Platform Application

The Crypto Times

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