Crypto exchange OKX announced on Friday that it has withdrawn its VASP license application in Hong Kong.
In order to comply with local regulations, OKX will stop providing centralized cryptocurrency exchange services to Hong Kong residents on May 31.
The platform has assured its users that their funds are safe, but has noted that deposits made after this date may not be automatically credited, and any open orders will be canceled.
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As of August 31, the only option for Hong Kong residents will be to withdraw their balances, and any balances remaining after that date will be considered "unclaimed property," according to the platform's terms and conditions.
OKX initially submitted its VASP application to the Hong Kong Securities and Futures Commission on November 16, but has now withdrawn it without giving any reason.
According to the SFC website, virtual asset trading platforms in Hong Kong must obtain a license or cease operations by May 31, 2024.