<p>Gate.HK, cryptocurrency exchange Gate.io’s Hong Kong entity, is discontinuing its operations and has retracted its application for a crypto trading platform license with the local regulator. The company <a href="https://www.gate.hk/article/31507" rel="noopener noreferrer nofollow">announced</a> on Wednesday a planned “major overhaul” of its platform and has ceased new user registrations and deposits immediately. In compliance with local regulations, Gate.HK will delist all tokens — including major ones like Bitcoin, Ether and USDT — on May 28, urging users to withdraw their assets by August 28. The trading platform, which <a href="https://www.gate.io/zh-tw/article/30869" rel="noopener noreferrer nofollow">launched</a> officially in May 2023, aims to re-enter the Hong Kong market in the future after securing the necessary approvals and contributing to the virtual asset ecosystem.</p><h2 id="header-0">Regulatory environment and industry response</h2><p>The withdrawal of the license application, initially submitted in February 2023, was noted on 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" rel="noopener noreferrer nofollow">website</a> of the Hong Kong Securities and Futures Commission (SFC) on May 22, without a disclosed reason for the withdrawal. The SFC mandates that crypto trading platforms without a submitted license application by Feb. 29 must shut down by May 31 or within three months upon receiving further notice. This regulation has impacted several platforms, including <a href="https://www.hkvaex.hk/en" rel="noopener noreferrer nofollow">HKVAEX</a> and Huobi HK, both of which have recently <a href="https://www.theblock.co/post/294543/htxs-hong-kong-affiliate-withdraws-license-application-again" rel="noopener noreferrer nofollow">withdrawn</a> their license applications and ceased operations or faced operational uncertainties in the region. Currently, the SFC is reviewing applications from 20 crypto firms, indicating significant interest among global exchanges in securing retail trading licenses in Hong Kong.</p>

Gate.HK ceases operations and withdraws license application in Hong Kong

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