OKX exchange decides to shut down services from the Hong Kong market 

OKX crypto exchange withdrew the VASP license from the Hong Kong jurisdiction. 

OKX operates as an international crypto exchange, available in most countries permitting cryptocurrency trading. In the U.S., OKX functions via its subsidiary, OKCoin, which currently offers services in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore, and Japan.

On 24 May 2024, the OKX crypto exchange announced the withdrawal of its Virtual Assets Service Provider (VASP) license application.

That means, OKX is no more in the mood to provide crypto services to Hong Kong-based customers & its services will be shut down for Hong Kong-based users from 31 May 2024.

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OKX’s self-custody crypto wallet service will remain unaffected by this decision. 

OKX, the second largest offshore exchange, announced the withdrawal of OKX HK's VASP license application. OKX will cease to provide services to HK residents by 31 May 2024. OKX Web3 (self-hosted wallet) services are not affected and will remain available to Hong Kong users.…

— Wu Blockchain (@WuBlockchain) May 24, 2024

Here OKX is not alone in this matter, earlier this HTX exchange, Huobi Hong Kong, withdrew application with the Securities and Futures Commission. Currently, VASP license applications of CryptoCom & Bullish are under review process.

It is worth it to note that the OKX exchange suspended its crypto services from the Japanese crypto market. In June, OKX announced its departure from the Japanese market citing changes in Japan’s local laws. 

Hey there, we're really sorry for the inconvenience. We're actively working on your issue and we appreciate your patience. No need to worry, we'll make sure to give you updates as soon as we can. Thanks for understanding!

— OKX Help Desk (@OKXHelpDesk) June 27, 2023

In March of this year, OKX terminated its crypto services from the Indian crypto market, as the exchange failed to comply with the AML measures. 

BREAKING

OKX will no longer operate in India and is advising users to withdraw their funds by April 30th. pic.twitter.com/vbmKreV1wU

— Token Metrics (@tokenmetricsinc) March 21, 2024

All these back-to-back incidents are very big proof that OKX leaders probably failing to some degree to comply with the financial regulators in the different jurisdictions.

Here it is worth it to note that Hong Kong has now been a very crypto-friendly jurisdiction for crypto companies since the middle of last year. Last year, Hong Kong authorities invited crypto companies to set up their global headquarters in the company under the newly proposed crypto rules. 

Read also: SEC Approves Spot Ether ETFs

OKX exchange decides to shut down services from the Hong Kong market 

 

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