- In June 2023, Justin Sun had forecasted that HTX may get a crypto trading license.
- Virtual Asset Trading Licenses are requested by several international exchanges.
HTX’s Hong Kong subsidiary has taken down its application to run a “virtual asset trading platform” that provides retail trading services, according to the website of the relevant regulator.
According to the South China Morning Post, which cited the Securities and Futures Commission’s list of license applicants, HBGL Hong Kong Limited, better known as Huobi HK, withdrew their application for the exchange license three days later, on February 23, after first submitting it last week. Huobi HK is run separately from HTX, according to an HTX representative.
Submission Deadline Approaching
If cryptocurrency exchanges do not apply for a license by February 29th, the Hong Kong SFC has mandated that they must terminate their operations in the territory no later than May 31st. In June of last year, Justin Sun had forecasted that HTX (formerly Huobi) may get a crypto trading license from Hong Kong within six to twelve months.
Last year, Hong Kong welcomed cryptocurrency companies with open arms, in contrast to the wider crackdown on crypto trade and mining. Licensed exchanges in Hong Kong were able to begin providing retail trading services for virtual assets in June 2023, marking the formal commencement of the region’s crypto licensing framework. Two platforms, HashKey and OSL, have been licensed by Hong Kong.
Moreover, such retail trading permits were requested by several international exchanges. Also, according to its website, the financial authority is formally reviewing applications from nineteen cryptocurrency firms. According to the SFC’s list of applicants, HKVAEX, a cryptocurrency platform supposedly associated with Binance, submitted an application for the same license on January 4th.
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