The Hong Kong arm of crypto exchange Gate.io, Gate.HK is closing its doors and withdrawing its crypto trading license application.
Gate.HK urges users to withdraw assets by August 28 as the platform undergoes a major overhaul, halting new registrations and deposits immediately. Token delisting, including major ones like Bitcoin and Ethereum, is set for May 28.
The platform, launched in May 2023, withdrew its license application from the Hong Kong Securities and Futures Commission on May 22 without stating the reason. The SFC requires crypto platforms to close by May 31 if they miss the February 29 application deadline.
Gate.HK plans to return to the Hong Kong market after obtaining necessary licenses, amid other exchanges like HKVAEX linked to Binance shutting down in May and Huobi HK withdrawing its license application again, while the SFC reviews applications from 20 firms including OKX and Crypto.com.
Gate.HK’s closure and withdrawal of its crypto trading license application in Hong Kong, along with other exchange movements, indicate a shifting regulatory landscape impacting the crypto industry’s operations and market presence.
