Huobi HK Withdraws VATP License Utility for the Second Time

• Huobi HK reportedly withdrew its software for the SFC’s digital asset buying and selling platform license on Might 14.
• Whereas the platform initially submitted the appliance on February 20, it was withdrawn on February 23.
• Although Huobi HK resubmitted the appliance on February 26, it was withdrawn for the second time.

Current reviews state that HTX’s Hong Kong subsidiary, Huobi HK, has withdrawn its digital asset buying and selling platform license software from the Hong Kong Securities and Futures Fee (SFC) for the second time.

Based on Chinese language crypto reporter Colin Wu’s X put up on his Wu Blockchain web page, Huobi HK withdrew the appliance on Might 14. The platform initially submitted an software for the license on February 20 however withdrew it after three days.

Although Huobi HK resubmitted the appliance on February 26, it was withdrawn once more on Might 14. The repeated withdrawals have raised considerations throughout the neighborhood in regards to the firm’s preparedness to offer providers in Hong Kong, sparking hypothesis about Huobi HK’s future and its potential challenges in working throughout the metropolis.

The SFC shared an inventory of platforms whose license functions have been “returned, refused, or withdrawn.” These platforms have been faraway from the “Record of digital asset buying and selling platform candidates” (Record of VATP candidates).

Different platforms which withdrew their VATP license functions embrace Ammbr, BitHarbour, HKVAEX, IBTCEX, and QuanXLab. Earlier on February 7, 2024, Meex Digital Securities Restricted’s Meex software was returned and the platform was faraway from the listing on February 7, 2024.

Ammbr was faraway from the SFC’s VATP candidates listing in 2023, whereas all different platforms had been eliminated in 2024. Although Huobi HK marks the newest withdrawal, QuanXLab and IBTCEX withdrew their functions on Might 13.

In associated information, the SFC introduced the closure of unlicensed crypto corporations by the top of Might 2024. The regulator obtained license functions from 22 corporations, together with Huobi, earlier than the deadline. Nevertheless, main gamers like Binance, Kraken, and Coinbase didn’t submit their functions.