As a seasoned crypto investor with experience navigating the volatile and ever-changing cryptocurrency market, I’m following the recent development regarding Gate.HK’s closure and withdrawal of its crypto trading license application in Hong Kong with great interest.
Gate.HK, the Hong Kong branch of cryptocurrency exchange Gate.io, has announced its decision to discontinue operations and withdraw its application for a crypto trading license.
Users of Gate.HK are encouraged to withdraw their assets by August 28th as the platform undergoes a significant overhaul. Registration and deposit functions have been temporarily suspended. A token delisting process, affecting prominent tokens such as Bitcoin and Ethereum, is scheduled for May 28th.
As a crypto investor, I’ve noticed that the platform I use, which was set to launch in May 2023, unexpectedly withdrew its license application from the Hong Kong Securities and Futures Commission on May 22 without disclosing the reason behind this decision. Unfortunately, since the SFC mandates that crypto platforms must be operational by the end of May or face closure, we investors may have to find an alternative platform if we want to continue our investments in the crypto market.
Gate.HK intends to re-enter the Hong Kong market once they have secured the necessary licenses. This decision comes in the wake of other exchanges such as HKVAEX (linked to Binance) and Huobi HK ceasing operations in May, while the Securities and Futures Commission (SFC) is currently evaluating applications from approximately 20 companies, including OKX and Crypto.com.
The decision by Gate.HK to halt its cryptocurrency trading activities in Hong Kong and abandon its application for a license, as well as similar actions by other exchanges, suggests that the regulatory environment for the crypto industry is evolving and may significantly affect how these businesses operate and interact with markets.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- Suriname presidential candidate eyes on Bitcoin as currency
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
- Brazil Introduces Bill to Create National Bitcoin Reserve
- Rupert Murdoch Loses Bid to Change Family Trust
- Baby John: Varun Dhawan’s Sunny Sanskari Ki Tulsi Kumari co-stars Janhvi Kapoor & more take Nain Matakka trend to another level; Watch hilarious VIDEO
- JPMorgan Doubts SEC Approval for Solana and Crypto ETFs Post-Ethereum
- EU MP Sarah Knafo Warns of Digital Euro, Promotes Bitcoin
2024-05-23 15:34