Gate.HK plans a major overhaul to comply with regulations and aims to relaunch services after obtaining the necessary licenses.
Update May 24, 12:50 pm UTC: This article has been updated to include the news about the withdrawal of the OKX exchange from Hong Kong.
Hong Kong-based cryptocurrency exchange Gate.HK has closed down after failing to meet the local licensing requirements that will be enforced starting June 1.
The Hong Kong Securities and Futures Commission (SFC) mandated that all crypto exchanges in the region acquire an operational license. Exchanges that failed to apply for a license must stop their services by May 31.
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Source: https://cointelegraph.com/news/hong-kong-crypto-exchange-license-withdrawal-gatehk