OKX HK Withdraws VASP License Application

OKX HK Withdraws VASP License Application

OKX HK, a major player in the Hong Kong cryptocurrency market, has decided to withdraw its Virtual Asset Service Provider (VASP) license application, according to a recent announcement on their official website.

The company stated that the decision was made after careful consideration of their business strategy. As a result of this withdrawal, OKX will cease to provide centralized virtual asset trading services to Hong Kong residents by 31st May 2024, in line with regulatory requirements. However, customer funds are stated to remain safe and withdrawal services will not be affected.

Impact on Hong Kong Customers

Following the decisive action, customers will only be able to withdraw their assets after the specified date. The company further clarified that OKX Web3 (self-hosted wallet) services would not be affected and will remain available to Hong Kong users.

OKX HK has issued a cautionary note to its customers, advising them to refrain from making any deposits into their OKX account after 31st May 2024. Any deposits made after the deadline may not be automatically credited. The company has also stated that any open orders that are not closed by the deadline will be cancelled, with the resulting funds being transferred to the customer’s OKX account balance.

Customers are allowed to withdraw assets from their OKX account to their self-custody wallet or their accounts on other third-party platforms between now and 31st August 2024. After this ‘Closure Date’, customers will not be able to initiate any request to directly withdraw or transfer assets from their OKX account. Any remaining balances in customer OKX accounts after the Closure Date will be treated as unclaimed property, in accordance with the company’s terms of use.

For any additional questions or concerns, customers are urged to contact the OKX customer service team.

Image source: Shutterstock

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