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HKVAEX Retreats from Hong Kong Amid Regulatory Pressure

1 min
Updated by Ali M.
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In Brief

  • HKVAEX withdrew its VASP license application due to increased global regulatory scrutiny.
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HKVAEX withdrew its application for a virtual asset service provider (VASP) license in Hong Kong.

HKVAEX Retracts From Hong Kong

The Securities and Futures Commission (SFC) had mandated a deadline of February 29 for all cryptocurrency exchanges to register for operational permits within the area. HKVAEX submitted its application for a license in Hong Kong on January 4.

According to the official SFC website, a comprehensive list indicates that HKVAEX retracted its license application almost three months post-submission. As a result of this retraction, HKVAEX is obligated to cease its Hong Kong operations by May 31 at the latest.

Read more: 10 Best Crypto Exchanges and Apps for Beginners in 2024

This retreat from the licensing process in Hong Kong hints at a broader recalibration of HKVAEX’s compliance efforts amidst mounting regulatory pressures.

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