According to TechFlow, on July 22, according to financefeeds, the cryptocurrency exchange HKX decided to shut down its business in Hong Kong. With no plans to restart services or reapply for licenses, the HKX management team announced the cessation of operations and advised existing users to withdraw their crypto assets as soon as possible.

HKX initially applied for a Hong Kong license in February but faced challenges in meeting the regulatory requirements set by Hong Kong authorities. As a result, HKX became one of 13 cryptocurrency exchanges or trading platforms that have withdrawn their applications for Hong Kong licenses.