Crypto Updates

OKX HK Discontinues License Application in Hong Kong, Asks Users to Withdraw Funds

bank runs in Hong Kong

OKX has withdrawn its license application to provide
virtual asset services in Hong Kong and plans to discontinue providing
centralized virtual asset trading services for users in the region. In a
statement on its website, the cryptocurrency exchange said that it withdrew its
VASP license application and will discontinue centralized virtual asset trading
services for Hong Kong residents effective May 31, 2024.

Navigating Regulatory Compliance

Despite this move, OKX HK has assured users of the
safety of their funds as withdrawal services remain unaffected. The company
said that the decision to withdraw the license application followed a
comprehensive evaluation of its business strategy. By terminating centralized
virtual asset trading services, OKX HK aims to effectively navigate regulatory
compliance effectively while prioritizing customer interests.

Customers have a transition period until August 31,
2024, to withdraw their assets from their OKX accounts. During this time, they
can transfer funds to self-custody wallets or third-party platforms. The
exchange has urged customers to initiate withdrawal requests before the closure
date to ensure a seamless transition.

After the deadline, OKX HK will treat any remaining
balances in customer accounts as unclaimed property in accordance with its
terms of use. Customers are advised to stay updated on further developments and
adhere to the provided guidelines to manage their assets effectively

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at

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