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Finance

Huobi Hong Kong Withdraws License Application for the Second Time

HBGL Hong Kong Limited, the entity behind Huobi Hong Kong, first withdrew and then re-submitted its application for a Hong Kong VATP license in February.

By Sam Reynolds
AccessTimeIconMay 15, 2024 at 10:18 a.m. UTC
Updated May 15, 2024 at 7:17 p.m. UTC
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  • Huobi Hong Kong has withdrawn its license for a second time.
  • Neither Hong Kong's market regulator nor Huobi have commented on the withdrawal.

The Hong Kong-based subsidiary of HTX has once again withdrawn its application for a virtual asset trading license in the country, according to a notice on the Securities and Futures Commission’s website.

The South China Morning Post first reported that Houbi Hong Kong had withdrawn its license.

An email to a spokesperson for Huobi Hong Kong, which is operated by HBGL Hong Kong Limited, had not been returned by press time.

Hong Kong’s SFC posted a notice on its website stating that platforms that fail to submit a license application must shut down by May 31. The SFC did not specify why the application was withdrawn.

Many major crypto exchanges, including OKX, Crypto.com, and Bullish, are currently having their licenses reviewed by the SFC. Bullish owns CoinDesk.

In June 2023, HTX's Justin Sun said that Huobi Hong Kong would have a license in 6-12 months.

HTX maintains that Huobi Hong Kong is a wholly separate entity.

Edited by Parikshit Mishra.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.