BC Technology Denies Report of $128M Crypto Exchange Sale

Firm calls report by Bloomberg “factually inaccurate and highly misleading.”

AccessTimeIconOct 17, 2023 at 5:19 p.m. UTC

OSL, a Hong Kong-based licensed crypto exchange, is not for sale, according to a recent filing by its parent company.

BC Technology, which owns OSL, said that Bloomberg’s report about the pending sale is “factually inaccurate and highly misleading” in a filing with the Hong Kong Stock Exchange. Bloomberg initially reported that the exchange was on the market at a valuation of 1 billion Hong Kong dollars ($128 million).

The exchange and HashKey are the only two to secure crypto licenses in Hong Kong under the new regulations passed in June, allowing them to serve retail customers, with the application process costing between $12-$20 million, sources told CoinDesk at that time.

Speaking with the South China Morning Post, a spokesperson for BC Technology said, "we have seen increasing client interest in OSL’s services following the enforcement actions taken against unlicensed and unlawful players in Hong Kong in recent weeks,” referring to the closure of JPEX and subsequent arrests.

BC Technology’s stock fell 22% at the close in Hong Kong.

According to the firm's public balance sheet, OSL is BC Technology’s primary income source.

Edited by Aoyon Ashraf.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.