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OKX is also withdrawing from Hong Kong: The reason is not disclosed

OKX, which is considered the world's largest exchange after Binance, has decided to withdraw from the Hong Kong market. Deposits and transactions will be terminated as of May 31, but withdrawals will continue until August 31. The stock exchange did not provide any information about withdrawing from the Hong Kong market, other than saying "It was a strategic decision."

As of June 1 last year, another exchange decided to withdraw from Hong Kong, which introduced new crypto regulations and introduced strict compliance rules. OKX, one of the most important and largest stock exchanges in the world, announced that it will not be in the Hong Kong market as of May 31.

In the statement, it was stated that the virtual asset provider (VASP) license was withdrawn, but no detailed reason was given. OKX customers in Hong Kong will continue to use their Web3 wallets but must withdraw their assets from the exchange by August 31. As of May 31, only withdrawal transactions will be possible.

Hong Kong is known for being the jurisdiction in the world that quickly established its regulations in the field of crypto and opened Bitcoin and Ether futures-spot transactions. However, as set by regulatory bodies; It is known that anti-money laundering, cyber security protocols and governance standards rules are equally strict.

SFC, the regulatory authority of Hong Kong, which is also stated to be China's gateway to the world in terms of crypto, has so far licensed only two exchanges, OSL and HashKey. Both of these exchanges are headquartered in Hong Kong.