Hong Kong has concluded its drive for crypto exchange license applications. As of February 29, all exchanges and trading platforms failing to submit applications to the regulator must cease operations in Hong Kong by May 31.
The Securities and Futures Commission (SFC) of Hong Kong has ceased the acceptance of license applications from crypto exchanges as of February 29. It will soon mandate the closure of all non-compliant trading platforms operating locally.
The SFC stipulated that all crypto exchanges in Hong Kong without license applications must cease operations by May 31, 2024.
Additionally, the SFC advised investors utilizing virtual asset trading platforms to prepare early and transition to licensed or applying entities.
OSL Digital Securities and HashKey Exchange are the two crypto trading operators formally licensed in Hong Kong on December 15, 2020, and November 9, 2022, respectively. The regulator received applications from 22 crypto trading platforms, including four under the SFC’s previous opt-in regime.
Furthermore, four other exchanges—Huobi HK, Meex, BitHarbour, and Ammbr—initially applied for licenses but later withdrew or had their applications returned. The SFC will maintain a public list of crypto platforms mandated by law to cease operations to inform citizens of associated risks.
During the closure period, Hong Kong will restrict the operational capacity of exchanges and enforce the cessation of marketing activities in the region. The SFC will release a list of licensed crypto exchanges as of June 1, 2024, though it does not guarantee license procurement for all mentioned entities.
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