HTX reenters race for Hong Kong crypto license days after withdrawing initial bid

cyptouser9 months agoCryptocurrencies News165

Justin Sun-related crypto exchange HTX, formerly Huobi, has resubmitted its application for a Virtual Asset Trading Platform (VATP) license in Hong Kong. This move comes after it was reported to have withdrawn its initial application, according to a notice on the Securities and Futures Commission (SFC) website.

The initial application, filed through its Hong Kong subsidiary Huobi HK on Feb. 20, was retracted on Feb. 23 without any explanation. However, the latest update on the financial watchdog’s platform reveals that the exchange reinitiated the application process on Feb. 26.

HTX has yet to respond to CyptoRanking’s request for comment as of press time.

Last year, Sun said he was confident that Hong Kong regulators would grant HTX a license because of its standing in the Asian market.

SFC restates warning

Meanwhile, Hong Kong’s SFC has stepped up its warning that unregistered crypto platforms must register by Feb. 29 or close their businesses by May 31 via a pop-up on its website.

The warning appears when a user accesses its website section for listing registered platforms in the city-state.

It stated:

“Virtual asset trading platforms operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 must close down their businesses in Hong Kong by 31 May 2024. Investors using these platforms should make preparations early.”

Earlier in the month, the SFC issued a notice that urged unregistered platforms in the region to start their licensing application process before Feb. 29. As of Feb. 27, the SFC has received seven fresh applications, including submissions from major crypto firms like HTX, Bullish, and Crypto.com, raising the tally of exchange applicants on the regulatory roster to 19.

Hong Kong VATP
Hong Kong VATP License New Applicants Since Warning (Source: SFC)

Despite this influx, OSL and Hashkey remain the only licensed crypto exchanges in Hong Kong.

Meanwhile, the regulator’s emphasis on license registration emphasizes its commitment to fostering a crypto-friendly atmosphere. Last year, Hong Kong introduced a licensing framework for VATPs to facilitate retail trading services.

Mentioned in this article
TRON HTX Justin Sun
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Binance-incubated platform NFPrompt reports losses to hackers

Binance-incubated platform NFPrompt reports losses to hackers

25cc9d4a˃Binance-incubated content generation platform NFPrompt said it suffered a hack, leading to...

Bitcoin halving: Why it’s important for BTC scarcity

Bitcoin halving: Why it’s important for BTC scarcity

1205f261˃The fourth-ever Bitcoin halving occurred a few hours ago at the 840,000th block. The halvin...

Base memecoin project Normie fires intern over offensive video

Base memecoin project Normie fires intern over offensive video

55966e89˃Memecoin project Normie, based on Coinbase’s native blockchain Base, claims that it has fir...

Swiss regulator forces crypto-friendly FlowBank into bankruptcy

Swiss regulator forces crypto-friendly FlowBank into bankruptcy

55966e89˃FlowBank, an online Swiss bank that offered cryptocurrency trading services, has been shut...

Bitcoin price bouce will occur when ‘weak hands’ capitulate and hashrate recovers

Bitcoin price bouce will occur when ‘weak hands’ capitulate and hashrate recovers

55966e89˃Bitcoin (BTC) has been in a downtrend for over two weeks and now trades 13.8% below its all...

Innovative crypto exchange features debut at Token2049 in Dubai

Innovative crypto exchange features debut at Token2049 in Dubai

55966e89˃Token2049 Dubai hosted a dynamic gathering of more than 5,000 companies on April 18-19 at t...