HTX Abandons Cryptocurrency Exchange Application in Hong Kong
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The Hong Kong-based virtual asset exchange HTX, previously recognized as Huobi Global, has retracted its license application as indicated by an announcement on the Securities and Futures Commission website.
The Seychelles-registered cryptocurrency platform HTX has ties to China-originated entrepreneur Justin Sun. The reasons for withdrawing the application remain undisclosed, and representatives from HTX did not provide comments by press time.
The SFC’s website maintains a list that informs about the regulatory status of virtual asset trading platforms in Hong Kong.
Difficult Periods for HTX
HTX and its affiliate, Poloniex, have both been targets of security breaches throughout their operations. A noteworthy incident in early November involved Poloniex suffering a $125 million loss from its hot wallet, which affected a broad range of more than 175 distinct cryptocurrencies.
At that time, Sun provided reassurance by stating the losses were manageable and that the exchange’s revenue could assure users’ funds were safe. He emphasized the security of assets on both HTX and Poloniex, despite the series of breaches, as Sun is the proprietor of the exchanges.
According to a conversation with CoinDesk, Sun mentioned that both exchanges have overcome the hacks and have reinstated the majority of customer withdrawals across most of their assets.
“For HTX, approximately 95% of the assets’ USD worth has been restored for withdrawals,” Sun indicated. “Approximately 85% of asset withdrawals, measured in USD value, are back on track on Poloniex,” he added.
In June, Sun expressed to CoinDesk his anticipation that HTX would acquire a crypto trading license in Hong Kong within 6 to 12 months.
Crypto.com Seeks Licensing Through SFC
In January, Crypto.com, the exchange headquartered in Singapore, pursued regulatory clearance to provide services in Hong Kong. As Jai Pratap reported for Crypronews, the company officially submitted their licensing application to the Hong Kong SFC on February 9th, aiming to be recognized as a certified virtual asset trading platform (VATP).
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