OKX Hong Kong has officially withdrawn its application for a crypto license, leading to significant changes in its service offerings to Hong Kong residents.  In accordance with this development, OKX Hong Kong will discontinue providing centralised crypto trading services in Hong Kong effective 31 May 2024.

This strategic decision was made after thorough consideration of the company’s long-term business strategy and in alignment with regulatory compliance standards. OKX HK ensures all customer funds remain secure and accessible, with withdrawal services continuing unaffected beyond the stipulated date. 

However, after 31 May, customers will only have the option to withdraw their funds as deposits, and trading will no longer be supported. OKX HK would like to clarify that its Web3 services, such as the self-hosted wallet, will not be impacted by this change and will remain available to users in Hong Kong.

Customers are advised not to make deposits into their OKX accounts after 31 May, as such transactions may not be automatically credited. All open orders that remain past the deadline will be automatically cancelled, and associated funds will be returned to users’ account balances.

Clients may continue to transfer assets from their OKX accounts to personal self-custody wallets or other third-party platforms up until 31 August 2024. Following this closure date, the ability to initiate direct withdrawals or transfers will cease. 

The remaining balances after this period will be handled as unclaimed property according to the company’s terms of use.

Featured image credit: Edited from Freepik