Cryptocurrency exchange HTX (formerly Huobi Global) has withdrawn its application for a license to operate in Hong Kong, in a major setback from its much-touted plans to acquire customers in Hong Kong after exiting the mainland market.
According to the Securities and Futures Commission (SFC), HTX's Hong Kong business, HBGL Hong Kong Limited, withdrew its license application for virtual asset trading platform Huobi HK on February 23, three days after filing the application. publishes a list of crypto exchange license applicants on its website.
HTX has not disclosed the reason for its withdrawal. He did not immediately respond to a request for comment.
According to the SFC, three virtual currency exchanges have so far withdrawn their applications, and one has had their applications returned.
The Beijing-founded exchange was the world's fifth-largest by 24-hour trading volume and was one of the largest companies to submit a license application in Hong Kong, according to data from market tracker CoinGecko.
The withdrawal comes just days before the deadline for crypto exchanges wishing to operate legally in Hong Kong to apply for a license.
Although only a few international crypto companies have submitted applications, the Hong Kong market is seen as a particularly attractive option for companies with strong ties to mainland China, most of whom have been linked to the crypto industry by the Chinese government. During the crackdown, the company moved its headquarters overseas.
These companies include some of the largest companies in the industry.
Crypto.com, founded in Hong Kong and based in Singapore, also applied for a license this month. A total of 18 companies have submitted applications as of Monday, according to the SFC.
Additional reporting by Matt Haldane
