Originally registered in the Seychelles, the HKX cryptocurrency exchange planned to continue its activities in Hong Kong and applied for a license from the SFC. However, like many other former participants in the regional digital asset market, the exchange failed to comply with all regulatory requirements of the regulator.
"After careful consideration of all conditions and consequences, our management team has made the final decision to withdraw the license application from the Hong Kong Securities and Futures Commission," the HKX exchange said in a notice.
As of July 22, a total of 13 cryptocurrency exchanges announced their withdrawal from Hong Kong due to the inability to comply with the requirements of the SFC and the withdrawal of licensing applications.
Earlier, the SFC issued a warning regarding the illegal activities of seven cryptocurrency trading platforms: Taurusemex, Yomaex, Bitones.org , BTEPRO, CEG, XTCQT and Bstorest. The regulator accuses the blacklisted sites of fraudulent activity and deception of investors.