As the deadline for cryptocurrency exchanges to apply for operating licenses in Hong Kong approaches, the number of applications submitted is steadily declining.
Since May 13, three platforms have withdrawn their initial applications with the Securities and Futures Commission of Hong Kong (SFC).
These exchanges, IBTCEX and QuanXLab, had originally filed their applications in February 2024. The following day, on May 14, Huobi HK, a crypto exchange associated with HTX, also withdrew its application.
In total, seven platforms have withdrawn their applications in Hong Kong so far in 2024.
All unlicensed cryptocurrency platforms must cease operations in Hong Kong by May 31.
Currently, there are 21 exchanges applying for operating licenses in Hong Kong, including major global players such as OKX, Bybit, Crypto.com, Matrixport HK, and HKX.