OSL’s Trading Volume Halves, Parent Company Eyes HK$1 Billion Saleby Fintech News Hong Kong October 17, 2023
Hong Kong’s BC Technology Group is reportedly considering selling its crypto platform OSL in a deal worth HK$1 billion (US$128 million), according to Bloomberg. According to the report, OSL’s parent company is considering selling parts of its crypto trading platform.
OSL has been operating under an SFC license for over three years, primarily serving professional investors. In August, OSL received a license upgrade from the SFC to serve retail clients as well.
The platform’s trading volume dropped by 50% in the past year while the company’s overall losses narrowed in the first half of 2023, but its share price is still down 80% from its peak in 2021.
Bloomberg also reported that OSL had pulled its application for a digital asset license in Singapore and is working on a new one. Some of its Singapore customers are being moved to its Hong Kong exchange.
OSL and HashKey Exchange were the only two virtual asset trading platform (VATP) operators in Hong Kong that are licensed by the the Securities and Futures Commission (SFC) in August 2023.
Hong Kong received a major blow to its crypto ambitions due to the JPEX scandal with losses amounting to HK$1.56 billion and 28 arrests being made.
In the wake of the JPEX scandal, the SFC announced that it would beef up several lists; VATPs that are licensed, VATPs that are closing down, VATPs presumed to be licensed by 1 June 2024 as well as suspicious VATPs operating in the city.
This article was updated on 18 August at 11:40 AM to correct information previously stating that OSL began operations 7 months ago.