Crypto.com Applies For Crypto Exchange License With Hong Kong SFC

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

February 14, 2024 06:56 EST

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Crypto.com, the Singapore-based cryptocurrency exchange, has thrown its hat into the ring for a license to operate in Hong Kong.

The company submitted an application to the Hong Kong Securities and Futures Commission (SFC) on February 9th, seeking approval to operate as a virtual asset trading platform (VATP).

This addition brings the total number of applicants to 17, joining industry players like Bybit, Bullish, OKX, and VAEX in the race for regulatory approval, as per the listing on the official SFC website.

Crypto Exchanges Need to Apply for License or Face Closure

The SFC, seeking to establish Hong Kong as a crypto hub while maintaining control, had issued a strict deadline of February 29th for exchanges to apply for a license or face potential closure by May 31st.

Currently, only two platforms – OSL and HashKey Exchange – have received the green light to serve retail investors in Hong Kong.

While another 18 applications are undergoing processing, Crypto.com’s move indicates continued industry interest in securing a foothold in the Asian market.

The SFC has made its stance clear: unlicensed exchanges operating within Hong Kong will be shut down.

To protect investors, the regulator has also urged individuals to verify if their chosen platform has applied for a VATP license and consider transferring accounts to licensed platforms before the May 31st deadline.

However, the SFC warns that even applying for a license doesn’t guarantee approval.

As such, the fate of Crypto.com’s application, alongside the others in the queue, remains uncertain.