Justin Sun’s HTX Withdraws Crypto License Application in Hong Kong
by Fintech News Hong Kong February 28, 2024HTX, formerly Huobi Global, has officially withdrawn its application for a license to operate in the Hong Kong cryptocurrency market.
The Securities and Futures Commission (SFC) confirmed that HBGL Hong Kong Limited, associated with HTX, retracted its application only three days following its submission on 23 February.
This decision marks a significant pivot from HTX’s previously announced intention to expand its presence within the local crypto landscape. The move has sparked widespread speculation within the cryptocurrency community regarding the motivations behind the sudden change in strategy.
The company had been anticipated to be among the frontrunners in securing regulatory approval in Hong Kong, especially following advisor Justin Sun’s comments about HTX’s interest in establishing a licensed operation in the region.
The withdrawal comes amidst Hong Kong’s evolving regulatory environment, which has introduced stringent requirements for cryptocurrency businesses.
Featured image credit: Edited from Freepik
