HTX, formerly known as Huobi, withdraws from licensing in Hong Kong

-->HTX has withdrawn its application for a license for a “virtual asset trading platform” in Hong Kong. The company wanted to obtain a license to offer trading services to private individuals in the special administrative region. It is now withdrawing the application, as can be seen on the local supervisory authority’s website.

By the way, this concerns a special branch of HTX, namely: HBGL Hong Kong Limited. They are also known as Huobi HK. Huobi has been a household name in the industry for a long time. It made waves in China and Russia for years, and is now under the wing of Justin Sun.

Last week it submitted an application for a stock exchange permit. Just three days later, on February 23, it reversed this decision, the South China Morning Post reported. They refer to the Securities and Futures Commission’s list of license applicants.

A spokesperson for HTX says that Huobi HK operates independently of HTX. Huobi HK did not immediately respond to The Block’s request.

Hong Kong’s stock exchange watchdog has decided that “crypto trading platforms” that have not submitted their license applications by February 29 must close their businesses in Hong Kong by May 31. At the same time, they fully embrace the crypto market and the region’s central bank has called on commercial banks to welcome crypto companies.

In June 2023, Hong Kong officially started crypto licensing. Hong Kong has licensed two platforms: HashKey and OSL. The financial regulator also assesses the applications of 19 crypto companies, including OKX, Bybit, Bullish and Crypto.com.

HKVAEX, a crypto platform reportedly linked to Binance, applied for the same license on January 4.