Hong Kong firmly expels every unauthorized cryptocurrency exchange in an official move

All cryptocurrency exchanges operating in Hong Kong must either obtain a license from the Securities and Futures Commission (SFC) or cease operations immediately, according to new regulations aimed at protecting investors. The SFC issued an ultimatum, giving exchanges until February 29 to apply for a license or face closure within three months. Over 22 exchanges applied for licenses during this period, but many subsequently withdrew their applications just before the deadline. Notable withdrawals include global exchanges OKX and Huobi HK, with Gate.HK citing the need for platform overhaul to meet regulatory requirements. Gate.HK has stopped user acquisition and marketing and will close its trading platform on May 28, delisting previously tradable tokens. As of May 31, 18 exchanges have applied for licenses, with the approved list set to be announced by June 1. At present, the only approved exchanges are HashKey and OSL Exchange. It is important to note that not all exchanges may be granted licenses and may be required to shut down. The SFC advises investors to refer to the official list of approved exchanges to minimize risks associated with cryptocurrency trading.