Hong Kong requires all exchanges applying for licenses not to have mainland Chinese users and to sign a letter of commitment

Previously, Binance OKX HTX Bybit Gate and others withdrew their applications for Hong Kong licenses because the Hong Kong SFC required all applicants for virtual asset trading platform licenses to sign a letter of commitment, promising that any of their entities could not have mainland Chinese users in any region. OKX tried to form an industry alliance to oppose this requirement but ultimately failed.

The Hong Kong Securities and Futures Commission updated the list of virtual asset trading platforms. According to the Anti-Money Laundering and Terrorist Financing Ordinance, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, MatrixportHK, a total of 11 platforms were deemed to have been licensed.

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