Despite various industry players singing praises of Hong Kong’s openness and actively applying for licenses during this year’s Hong Kong Blockchain Carnival, most of them have ultimately withdrawn their applications, while one has been rejected. For instance, well-known exchange OKEx announced abruptly on May 24th that it was withdrawing its Hong Kong application due to “business considerations,” effectively declaring its exit from the Hong Kong market. On the other hand, the exchange Binance has never submitted a regulatory application in Hong Kong and did not participate in the Hong Kong Blockchain Carnival.
Carnival Comes to an End! Hong Kong Securities and Futures Commission to Begin Holding Unregistered Exchanges and Licensed Entities Accountable