Gate.HK management has planned to shut down the platform on May 28th. From this date, registering new users on Gate.HK will no longer be possible, as will making deposits. Local traders are advised to close positions and withdraw assets from the platform by August 28, 2024.
Gate.HK has withdrawn its application for a license from Hong Kong's Securities and Futures Commission (SFC), although it planned to seek approval from the regulator to operate as a virtual asset service provider (VASP). The exchange explained the withdrawal of the application by its intention to change the document in order to comply with the new licensing requirements of Hong Kong, which will come into force on June 1, 2024.
The exchange plans to return to the Hong Kong market. After obtaining the necessary licenses, Gate.HK promises to resume providing services to traders in this special administrative region of China.
The SFC is currently considering applications from 20 crypto companies, including large exchanges OKX and Crypto.com. Previously, the SFC demanded that cryptocurrency platforms close by May 31 if they do not apply for a license by February 29. Crypto exchange HTX (formerly Huobi) also stopped processing documents for work in Hong Kong, but did not specify the reasons.
Source: Bits
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