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What are the new licensing rules for crypto exchanges in Hong Kong?

The new licensing rules for crypto exchanges were published in February 2023 and will come into force on June 1. From now on, all centralized crypto trading platforms that operate in Hong Kong or sell crypto to Hong Kong investors will have to get a license from the Securities and Futures Commission (SFC) .

Which crypto exchanges have withdrawn their Hong Kong license applications?

Huobi HK, a crypto exchange with links to HTX, followed suit the next day, as shown in the screenshot below. List of applicants whose license applications have been returned, refused or withdrawn. Source: Hong Kong SFC Seven crypto exchanges have withdrawn their Hong Kong license applications in 2024.

What happens if a cryptocurrency exchange doesn't get a license in Hong Kong?

All cryptocurrency exchanges that have not applied for a license must cease operations in Hong Kong by May 31. Currently, 21 crypto exchanges are lined up for a license in Hong Kong, which includes prominent global players such as Bybit, Crypto.com, Matrixport HK, HKX and OKX.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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