Crypto.com will shut down its consumer app for users in Hong Kong on 1 February 2027, Bloomberg reported.

A company spokesperson said the decision reflects efforts to “optimise global operations” and focus resources on markets with the most sustainable long-term opportunities.

Emails sent to Hong Kong users, however, cited regulatory changes, local outlet HK01 reported, according to crypto.news.

What Users Need to Do

Crypto.com said affected customers have been notified and will receive instructions on closing their accounts and withdrawing their funds before the cutoff.

Foris DAX MT Limited operates the consumer app and is separate from the entity seeking a Hong Kong exchange licence.

Crypto.com has not announced changes for users outside Hong Kong.

Exchange Licence Still Pending

Crypto.com will keep pursuing a virtual asset trading platform (VATP) licence from the Securities and Futures Commission (SFC) for its institutional-grade Crypto.com Exchange, through local entity Foris DAX HK Limited.

Foris DAX HK filed the application on 9 February 2024, and the SFC is still reviewing it.

The SFC’s register still lists Foris DAX HK as “deemed-to-be-licensed”, a transitional status rather than full approval, Cointelegraph reported.

Featured image: Edited by Fintech News Hong Kong based on images by John Benedict Malong via Pexels and Crypto.com via its website.