HTX subsidiary withdraws application for Hong Kong license
HTX subsidiary withdraws application for Hong Kong license
HBGL Hong Kong Limited, a subsidiary of cryptocurrency exchange HTX, has once again withdrawn its application for a VATP license. This means that the company will have to cease operations under the rules of the Hong Kong regulator.
The Securities and Futures Commission (SFC) announced on Tuesday that it had removed HBGL Hong Kong Limited from its list of license applicants after the company withdrew the application for its Huobi HK platform.
HBGL first submitted its application to the SFC on February 20, but initiated its withdrawal three days later. The application was resubmitted on February 26. Notably, the company did not disclose the reasons for its latest withdrawal or whether it had received any instructions from the SFC to do so.
According to the Hong Kong SFC, cryptocurrency trading platforms that fail to submit license applications by February 29 will be required to cease operations in Hong Kong by May 31, or within three months of further notice.
The SFC is currently reviewing retail license applications from 20 cryptocurrency companies, including OKX, Bybit, Bullish, and Crypto.com.
Previously, Justin Sun stated that Huobi Hong Kong will receive a license in 6-12 months and also emphasized that HBGL operates independently and is not involved in the overall management and operations of HTX.
It is worth noting that this is the second company to fail to obtain a license in Hong Kong. In April, Binance-backed HKVAEX also withdrew its application and announced its closure just three months after submitting it.
