Cryptocurrency Exchange OKX, halts VASP License Application in Hong Kong
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OKX, which is a popular centralized cryptocurrency exchange, has declared on 24th of May 2024, that it has halted its licence application in Hong Kong for Virtual Asset Service Provider (VASP); and it will stop trading services to Hong Kong's inhabitants.
Other notable companies had recently halted their VASP applications, like OKX from Hong Kong, such as: Huobi HK, and HKVAEX; which was Gate.oi affiliate in Hong Kong. OKX and the other companies haven't given clear details as to why they halted their VASP applications from Hong Kong.
On the 31st of May 2024, OKX will stop providing its centralized cryptocurrency services to inhabitants of Hong Kong. OKX has stated that customers funds will be protected and kept safe. But after the 31st of May 2024, customers who reside in Hong Kong will be unable to make deposits.
After the 31st of May 2024, all open orders by Hong Kong inhabitants will be automatically cancelled. Their funds will be kept safe. However, OKX users in Hong Kong will have till 31st of August 2024, to secure their funds, as any balance after that date; OKX terms of use, will consider as unclaimed assets and will be lost.