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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