According to the official announcement, Gate.HK has proactively submitted to the Hong Kong Securities and Futures Commission on May 22 to withdraw its application for a virtual asset trading platform license. Kevin Lee, CEO of Gate.HK, said: "Gate.HK is currently readjusting its business direction. Our team attaches great importance to compliance operations in Hong Kong and will continue to maintain normal operations in Hong Kong while meeting compliance requirements and providing users with the best service experience. We are also actively exploring the possibility of applying for other compliance licenses, including but not limited to reconsidering the application for a Hong Kong virtual asset trading platform license or other types of compliance licenses in Hong Kong."