- Gate.HK to cease operations in Hong Kong, citing regulatory concerns
- Trading to be halted on May 28; user withdrawals allowed until August 28
- Platform overhaul planned with a potential return to Hong Kong after obtaining necessary licenses
Gate.HK, a subsidiary of cryptocurrency exchange Gate.io, has announced significant changes to its platform and services as it discontinued operations in Hong Kong, withdrawing its license application. This move is attributed to a strategic overhaul focused on enhancing security and compliance for its users.
Effective immediately, Gate.HK will cease accepting new user registrations and asset deposits. All token trading, including major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), will be halted on May 28, 2024, at 4:00 PM (Hong Kong time).
This includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Uniswap (UNI) and Tether USD (USDT). Users are strongly advised to close their positions and withdraw their assets from the platform by August 28, 2024.
Gate.HK’s decision to withdraw its application for licensing under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) comes ahead of the mandatory licensing requirements taking effect on June 1, 2024. The company characterizes these changes as part of a broader effort to improve its platform and develop new services and products in the future.
In accordance with these changes, Gate.HK will immediately cease marketing its services in Hong Kong. The company is committed to ensuring a smooth transition for its users and will continue to allow asset withdrawals until the end of August 2024.
Gate.HK is actively working on its platform overhaul and aims to resume its business in Hong Kong upon obtaining the necessary licenses. The company reaffirmed its dedication to contributing to the virtual asset ecosystem in Hong Kong and expressed gratitude for its users’ understanding and cooperation during this transitional period.
Users needing assistance or having questions are encouraged to contact Gate.HK’s support team for further guidance. The company reiterates its commitment to providing a secure and compliant environment for its global user base in light of these regulatory changes.
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