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
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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.

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