Hong Kong Securities and Futures Commission to Impute Responsibility on Unregistered Exchanges and Licensed Entities with No Guarantee

Although various industry players have enthusiastically touted Hong Kong’s openness and claimed to actively apply for Hong Kong licenses during this year’s Hong Kong Blockchain Carnival, most of them eventually withdrew their applications voluntarily, with one being rejected. For example, the well-known exchange OKX announced on 5/24 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 compliant application in Hong Kong and did not participate in the Hong Kong Blockchain Carnival.