Cryptocurrency Exchange with 20 Million Users Withdraws from Hong Kong

Bybit, the giant cryptocurrency exchange with 20 million users, is withdrawing from the Hong Kong market.

Cryptocurrency exchange Bybit withdrew its application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission (SFC) on May 31.

Previously, cryptocurrency exchanges such as OKX, Binance, HTX and Gate.io also withdrew their license applications to the SFC. Hong Kong is not expected to issue any international exchange licenses for now.

The regulator in Hong Kong has so far allowed only two cryptocurrency exchanges to operate. The first exchange to receive approval in the country was Hashkey.