Gate.io’s Hong Kong Affiliate withdraws license application

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As an analyst with extensive experience in the crypto market, I believe that Gate.HK’s decision to close its doors and withdraw its crypto trading license application in Hong Kong is a significant development that underscores the evolving regulatory landscape for digital asset exchanges in the region.

I have learned that Gate.io’s Hong Kong branch, known as Gate.HK, has decided to discontinue its operations and withdraw its application for a cryptocurrency trading license.

As a crypto investor using Gate.HK, I recommend taking action and withdrawing your assets by August 28 to avoid disruption caused by the platform’s significant overhaul. Registrations and deposits are no longer accepted effective immediately. Keep in mind that delisting of tokens, including major ones like Bitcoin and Ethereum, is scheduled for May 28.

In May 2023, the crypto platform, which had only recently been launched, withdrew its license application from the Hong Kong Securities and Futures Commission on the 22nd without providing an explanation. The SFC mandates that platforms must cease operations by the end of May if they fail to submit their applications by the deadline in February.

As a market analyst, I can share that Gate.HK intends to reenter the Hong Kong market following the acquisition of necessary licenses. Notably, other exchanges such as HKVAEX, which is linked to Binance, and Huobi HK have ceased operations in May, while the Securities and Futures Commission (SFC) deliberates over applications from around 20 entities, including OKX and Crypto.com.

As a crypto investor, I’ve noticed some significant developments that could potentially affect the way we trade and invest in digital assets. For instance, Gate.HK’s decision to withdraw its crypto trading license application in Hong Kong adds to the growing list of exchange movements that hint at a changing regulatory landscape. These shifts may impact the day-to-day operations and market presence of the crypto industry, so it’s crucial for investors like us to stay informed and adapt accordingly.

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2024-05-23 10:28