Crypto Exchanges Abandon Hong Kong Licensing Efforts

Shiva Ganesh

Several crypto exchanges, including IBTCEX and Huobi HK, have withdrawn their license applications with the Securities and Futures Commission of Hong Kong (SFC) ahead of May 31.

All crypto exchanges operating in Hong Kong were required to apply for a license by February 29 or cease operations within three months

Despite the withdrawals, 21 crypto exchanges, including prominent players like Bybit and, are still lined up for a license in Hong Kong.

The Hong Kong Monetary Authority (HKMA) has launched a pilot program for the digital yuan, marking its first deployment outside mainland China.

Exchanges like Gate.HK has ceased user acquisition and marketing, giving users until August 28 to withdraw funds before shutting down operations.