OKX, a prominent crypto exchange, has chosen to withdraw its Virtual Asset Service Provider (VASP) license application from Hong Kong. Announced in a [notice](https://www.okx.com/zh-hans/help/withdrawal-of-okx-hks-vasp-license-application) on OKX’s blog, the decision stems from a strategic business review. As a result, OKX will end its centralized exchange services for Hong Kong residents by May 31, 2024, adhering to local regulations.
Despite halting centralized services, OKX reassures users that their funds are secure. However, deposits after May 31 may not be automatically credited, and open orders will be canceled. Only withdrawals will be supported until August 31. Any unclaimed balances after this date will be classified as “unclaimed property.”
Initially, OKX submitted its VASP application to the Hong Kong Securities and Futures Commission (SFC) on November 16. According to the [SFC’s website](https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms), platforms must either submit their applications by February 29, 2024, or shut down by May 31, 2024.
OKX will continue offering its Web3 self-custodial wallet services, which remain unaffected and available to local users. This strategic pivot highlights OKX’s flexibility in adapting to regulatory landscapes while ensuring customer security and service continuity.
