The OKX crypto exchange has revoked its VASP license from Hong Kong jurisdiction.
OKX operates as an international crypto exchange, available in most countries where cryptocurrency trading is possible. In the US, OKX operates through its subsidiary OKCoin, which currently offers services in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore and Japan.
On May 24, 2024, the crypto exchange OKX announced the withdrawal of its Virtual Assets Service Provider (VASP) license application.
That means that OKX is no longer in the mood to offer crypto services to Hong Kong-based customers and the services will be discontinued for Hong Kong-based users from May 31, 2024.
OKX’s self-managed crypto wallet service remains unaffected by this decision.
Here, OKX is not alone in this matter, previously this HTX exchange, Huobi Hong Kong, withdrew its application to the Securities and Futures Commission. VASP license applications from CryptoCom & Bullish are currently under review.
It is worth noting that the OKX exchange has suspended its crypto services from the Japanese crypto market. In June, OKX announced its exit from the Japanese market, citing changes in Japan’s local laws.
In March this year, OKX terminated its crypto services from the Indian crypto market as the exchange failed to comply with AML measures.
All these consecutive incidents are a very big proof that OKX leaders are probably to some extent not complying with the financial regulators in the various jurisdictions.
Here it is worth noting that Hong Kong has 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.
Also Read: SEC Approves Spot Ether ETFs