HTX, Formerly Huobi, Withdraws Hong Kong Crypto Exchange Application

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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February 27, 2024 00:11 EST

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Cryptocurrency exchange HTX, formerly known as Huobi Global, withdrew its application for a license on February 23, according to a filing posted on the Securities and Futures Commission website.

Seychelles-based cryptocurrency exchange HTX is a trading platform which is backed by China-born entrepreneur Justin Sun, HTX has not disclosed its reason for withdrawal. A spokesperson from HTX was unavailable for comment at the time of press.

The SFC website features a list on its website informing the public of the regulatory status of virtual asset trading platforms operating in Hong Kong.

Tough Times For HTX

HTX and its sister exchange Poloniex have both experienced exploits over the years. In early November, Poloniex lost $125 million from its hot wallet after a hacker pilfered a wide assortment of over 175 different tokens from the exchange.

At the time, Sun confirmed that such losses were “within manageable limits” and could be covered for users with the exchange’s revenue. Back then Sun reassured customers that deposits at sibling crypto exchanges HTX and Poloniex were “100% safe” despite multiple recent hacks – Sun is the owner of both platforms.

In a conversation with CoinDesk, Sun said that both platforms had recovered from the hack, and have already resumed user withdrawals for the vast majority of their assets.

“I think for HTX, we have already resumed 95% in terms of USD worth of assets,” said Sun. “On Poloniex, we have resumed around 85% in terms of the USD value of the assets.”

In June, Sun told CoinDesk that he predicted HTX would receive a Hong Kong crypto trading license in the next 6 to 12 months.

Crypto.com Applies For License With SFC

In January, Crypto.com, the Singapore-based cryptocurrency exchange, threw its hat into the ring for a license to operate in Hong Kong, as reported by Jai Pratap from Crypronews, The company applied to the Hong Kong SFC on February 9th, seeking approval to operate as a virtual asset trading platform (VATP).