Huobi Hong Kong Shutdown Looms After Second License Withdrawal

The future of Huobi Hong Kong hangs in the balance as the virtual asset trading platform has withdrawn its application for a licence to operate in Hong Kong for the second time. This significant development, detailed on the Hong Kong regulator\'s website, means that Huobi HK has until August to cease its operations in the region.

This isn\'t the first time Huobi HK has withdrawn its VATP license application in Hong Kong; the first attempt also met with the same outcome. The Hong Kong-based subsidiary of HTX has once again withdrawn its application for a virtual asset trading license in the country, according to a notice on the Securities and Futures Commission (SFC) website. This second withdrawal raises questions about the exchange\'s commitment to the Hong Kong market and its ability to navigate the regulatory landscape.

The Hong Kong unit of the crypto exchange HTX, formerly known as Huobi Global, is now preparing to cease operations in the region. This decision follows Huobi Hong Kong\'s decision to withdraw its application for the second time. Hong Kong’s financial watchdog did not immediately comment on the reasons behind the withdrawal.

The repeated withdrawal of the application casts doubt on Huobi Hong Kong\'s long-term plans and its ability to secure the necessary approvals to legally operate as a virtual asset trading platform in the territory. The deadline looms, and the exchange must now prepare for a complete shutdown of its Hong Kong operations.