Huobi HK Withdraws VATP License Application for the Second Time

Last Updated:
Huobi HK Withdraws VATP License Application for the Second Time
  • Huobi HK reportedly withdrew its application for the SFC’s virtual asset trading platform license on May 14.
  • While the platform initially submitted the application on February 20, it was withdrawn on February 23.
  • Though Huobi HK resubmitted the application on February 26, it was withdrawn for the second time.

Recent reports state that HTX’s Hong Kong subsidiary, Huobi HK, has withdrawn its virtual asset trading platform license application from the Hong Kong Securities and Futures Commission (SFC) for the second time.

According to Chinese crypto reporter Colin Wu’s X post on his Wu Blockchain page, Huobi HK withdrew the application on May 14. The platform initially submitted an application for the license on February 20 but withdrew it after three days.

Though Huobi HK resubmitted the application on February 26, it was withdrawn again on May 14. The repeated withdrawals have raised concerns within the community about the company’s preparedness to provide services in Hong Kong, sparking speculation about Huobi HK’s future and its potential challenges in operating within the city.

The SFC shared a list of platforms whose license applications have been “returned, refused, or withdrawn.” These platforms have been removed from the “List of virtual asset trading platform applicants” (List of VATP applicants).

Other platforms which withdrew their VATP license applications include Ammbr, BitHarbour, HKVAEX, IBTCEX, and QuanXLab. Earlier on February 7, 2024, Meex Digital Securities Limited’s Meex application was returned and the platform was removed from the list on February 7, 2024.

Ammbr was removed from the SFC’s VATP applicants list in 2023, while all other platforms were removed in 2024. Though Huobi HK marks the most recent withdrawal, QuanXLab and IBTCEX withdrew their applications on May 13.

In related news, the SFC announced the closure of unlicensed crypto companies by the end of May 2024. The regulator received license applications from 22 firms, including Huobi, before the deadline. However, major players like Binance, Kraken, and Coinbase failed to submit their applications.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.