HTX, a cryptocurrency exchange in Hong Kong, previously called Huobi Global, withdrew its license application shortly after submitting it.
HBGL Hong Kong Limited, the HTX subsidiary that applied, withdrew the application on February 23rd, according to Hong Kong’s Securities and Futures Commission’s (SFC) list.
The company, however, resubmitted the application on Monday, according to the SFC’s website. An HTX spokesperson stated that Huobi HK operates independently from the exchange.
The withdrawal comes before Hong Kong’s regulatory deadline for exchanges to apply and verify for licenses by February 29th. Exchanges that fail to apply in time must cease operations in Hong Kong by May 31st.Â
The situation highlights the complex regulatory environment between mainland China, which has banned crypto trading, and Hong Kong, which opened applications for official digital asset exchange licenses last June.
So far, only two firms, HashKey and OSL, have been granted Hong Kong virtual asset trading licenses. Yet nearly 20 major industry players have applied, including prominent exchanges like OKX and Crypto.com.
Huobi Global was once one of the largest Chinese exchanges before ceasing mainland operations. The abrupt withdrawal of its Hong Kong subsidiary’s application raises questions about Huobi’s regulatory approach.
Both HTX, now based in the Seychelles, and Binance maintain Hong Kong license applications through local subsidiaries. It remains unclear if they will follow Huobi’s lead and withdraw or if additional context drove Huobi’s decision.
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