Coin

<ul class="news-points">
 <li>OKX abandons Hong Kong crypto ambitions amid regulatory hurdles.</li>
 <li>Strict compliance demands under new framework force exchange’s exit.</li>
 <li>Move signals wider industry struggle with evolving global crypto rules.</li>
</ul>
OKX, the Seychelles-based cryptocurrency platform, has withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, citing a reassessment of its business strategy. The <a href="https://www.okx.com/help/withdrawal-of-okx-hks-vasp-license-application" target="_blank" rel="noopener noreferrer nofollow">exchange announced</a> that, as a result, it will discontinue centralized virtual asset trading services for Hong Kong users starting May 31, 2024, to comply with local regulations.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “OKX has announced that it will withdraw its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. Consequently, starting from May 31, 2024, the company will discontinue its centralized virtual asset trading services for Hong Kong users to comply with local regulations,”
</blockquote>
As part of this shift, OKX will cease providing centralized crypto asset trading services to Hong Kong residents beginning May 31, 2024. However, the company has assured customers that their funds remain secure, as withdrawals are unaffected by the change.
Beginning June 1, 2024, OKX w…
The post <a href="https://coinedition.com/okx-retreats-from-hong-kong-as-crypto-regulations-tighten/" rel="noopener noreferrer nofollow">OKX Retreats from Hong Kong as Crypto Regulations Tighten</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

OKX Retreats from Hong Kong as Crypto Regulations Tighten

Coin Edition

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