Gate.io Pulls Plug on Hong Kong Venture, Abandons Trading License Application

Hong Kong Hong Kong crypto
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Crypto Reporter
Crypto Reporter
Shalini Nagarajan
Author Categories
About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Gate.io’s Hong Kong entity, Gate.HK, is winding down its operations. It has also withdrawn its application for a crypto trading platform license in the region.

In a statement released Wednesday, Gate.HK outlined a platform overhaul and urged users to withdraw their assets by August 28.

The platform said it will no longer accept new users or deposits, and plans to delist all cryptocurrencies by May 28. “We will be undergoing a major overhaul of our current platform, along with potential development of new services and products in the near future,” Gate.HK said. The platform added that it may resume regional operations at some other point.

Unlicensed Exchanges Face Hong Kong Exit after May 31

Hong Kong’s Securities and Futures Commission (SFC) plans to only allow licensed crypto exchanges to service customers from June 1.

After closing the application portal in February, the SFC has mandated a strict deadline of May 31 for non-compliant exchanges to shut down. Next, the SFC will reveal which platforms have secured licenses through a public register on June 1.

Major Players Apply, But Exits Raise Concerns

Major digital asset platforms

, including Crypto.com, OKX, HKVAX, and Bullish, are stepping up to meet Hong Kong’s new cryptocurrency licensing requirements. These checks will require risk profiling, insurance, asset custody measures, and even limit the types of tokens allowed for trading.

Gate.HK submitted an application for a license with the SFC in Feb. 2024. However, it withdrew the application on May 22. Neither Gate.io nor the SFC have publicly disclosed the reason behind this withdrawal.

Huobi HK, the Hong Kong subsidiary of HTX, also withdrew its application for a crypto trading license for the second time, raising concerns about its ability to operate legally in the region.

More Articles

Price Analysis
Price Breakthrough Forecast: The Next XRP Rally Could Be Here Soon
Arslan Butt
Arslan Butt
2025-02-09 14:21:48
Altcoin News
Gold-Backed Altcoins Boom as Major Banks Raise Price Predictions: Which Coins to Get
Arslan Butt
Arslan Butt
2025-02-09 12:55:24
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors