- Gate.HK withdraws crypto platform licence application in Hong Kong, urges asset withdrawal by August 28, 2024.
- Delisting all tokens, including Litecoin and Uniswap, by May 28, 2024, in compliance with local regulations.
- HKVAEX and Huobi HK also withdrew licence applications amid regulatory uncertainties
The Hong Kong branch of cryptocurrency exchange Gate.io, Gate.HK, has said that it is withdrawing its application for a licence to operate a crypto trading platform. The business will sever its ties and completely revamp its platform.
Gate.HK urged users to withdraw their assets by August 28, 2024, as part of this transition. The website will also instantly stop accepting new users and deposits. Furthermore, by May 28, 2024, it intends to delist every token, including Bitcoin, Ethereum, Litecoin, Solana, Polkadot, Polygon, Uniswap, and USDT.
Regulatory Compliance
The trading platform initially submitted its application for a virtual asset trading platform licence to the Hong Kong Securities and Futures Commission in February of this year. However, it retracted the application yesterday, May 22, as per the SFC’s website records.
Gate.HK further stated, “We plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licences.” The company is actively working on restructuring its platform to comply with future regulatory requirements.
Market Impact and Industry Trends
The withdrawal of Gate.HK’s licence application follows a pattern seen with other crypto exchanges in Hong Kong. For instance, HKVAEX, a platform linked to Binance, shut down after withdrawing its licence application in May 2024.
Similarly, Huobi HK, another major player, withdrew its licence application for the second time last week, raising concerns about its legal operations in the region.
Read Also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
