Hong Kong is not attractive anymore, mainstream exchanges are leaving Hong Kong!

     In addition to the official announcement of OKX a few days ago, several exchanges have withdrawn their applications. It is not surprising that OKX and other exchanges are withdrawing from the Hong Kong market. Not only OKX, but also Gate, Huobi, etc. Among the top ten exchanges in the world in terms of trading volume, except Bybit, they are all going to say goodbye to Hong Kong.

      The choice of these exchanges is normal. If Hong Kong is too strictly managed, the requirements are too high, and there is a lack of fairness, so many exchanges have applied for licenses, but they have not been able to get licenses for a long time. Why are two small exchanges approved? The business carried out by these two exchanges is not particularly ideal at present. The key is that the approval requirements are still very strict. Virtual asset trading platforms operating in Hong Kong that do not submit license applications to the Securities and Futures Commission on or before February 29, 2024 will have to end their business in Hong Kong on or before May 31, 2024. If you do not get a Hong Kong license, at most you will clear out Hong Kong users. If you get a Hong Kong license, I am afraid that even mainland users will have to be cleared out. It is impossible to give up a forest for a small tree.

What should both crypto investors and project owners do if they stay in Hong Kong? Can they only list on compliant exchanges? Can they only trade on compliant exchanges? All these will only make the crypto industry further away from Hong Kong.

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