{"id":79546,"date":"2024-05-26T14:07:51","date_gmt":"2024-05-26T18:07:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79546"},"modified":"2024-05-26T14:07:54","modified_gmt":"2024-05-26T18:07:54","slug":"gate-hk-closes-due-to-hong-kong-crypto-license-requirements","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gate-hk-closes-due-to-hong-kong-crypto-license-requirements\/","title":{"rendered":"Gate.HK Closes Due to Hong Kong Crypto License Requirements"},"content":{"rendered":"\n

Gate.HK closed after failing to meet Hong Kong's new crypto licensing<\/a> requirements effective June 1.<\/p>\n\n\n\n

\"Gate.HK
Gate.HK Closes Due to Hong Kong Crypto License Requirements<\/figcaption><\/figure>\n\n\n\n

The Gate is a Hong Kong-based cryptocurrency exchange.HK ceased operations on June 1 after failing to comply with the forthcoming local licensing requirements.

All cryptocurrency exchanges in the region were required by the Hong Kong Securities and Futures Commission (SFC) to obtain an operational license. Those that did not comply with the requirement were obligated to terminate their services by May 31.<\/p>\n\n\n\n

The company stated, \u201cGate.HK is actively working on the aforementioned overhaul.<\/p>\n\n\n\n

\u201cWe plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.\u201d<\/p>\n\n\n\n

Gate.HK's closure occurs concurrently with the withdrawal of another significant global exchange\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, OKX, from the Hong Kong market, which was announced on May 24.<\/p>\n\n\n\n

By May 31, 2024, OKX will no longer offer centralized virtual asset trading services to residents of Hong Kong.<\/p>\n\n\n\n

The statement provided reassurance to customers by stating, “Withdrawal services will not be impacted and customer funds will remain secure. “After May 31, 2024, withdrawals are the only option for customers.”

Three additional exchanges\u2014Huobi HK, QuanXLab, and IBTCEX\u2014withdrew their license applications in May, preceding Gate.HK's departure.

Furthermore, according to a recent Bloomberg report, the SFC is contemplating permitting issuers of spot Ether exchange-traded funds (ETFs)<\/a> to offer an ETH staking option as a means of generating passive income.

Although no timeline for implementation has been established, the SFC is presently in discussion with the country's crypto ETF issuers regarding the provision of staking services via licensed platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gate.HK closed after failing to meet Hong Kong’s new crypto licensing requirements effective June 1. The Gate is a Hong Kong-based cryptocurrency exchange.HK ceased operations on June 1 after failing to comply with the forthcoming local licensing requirements. All cryptocurrency exchanges in the region were required by the Hong Kong Securities and Futures Commission (SFC) […]<\/p>\n","protected":false},"author":36,"featured_media":79547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9190,19721,1134],"class_list":["post-79546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-license-2","tag-gate-hk","tag-hong-kong"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/1_zSFONyMh5V81yAZU_Ut6HQ.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79546"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79547"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}