HTX, formerly known as Huobi, has decided to withdraw its application for a virtual asset trading licence in Hong Kong. This decision was confirmed by the Securities and Futures Commission (SFC) on February 23. The application was withdrawn just three days after it was initially submitted.
Source: Hong Kong Securities and Futures Commission
Back in June, Justin Sun predicted that HTX (back then Huobi) could potentially secure a crypto trading licence in Hong Kong within 6 to 12 months. However, this recent withdrawal indicates a change in direction for the company. Despite this, no official statement has been provided by HTX regarding their decision.
This move by HTX in Hong Kong follows a recent decision by Huobi Korea to terminate its virtual asset trading services in South Korea. On January 29, 2024, Huobi Korea announced the cessation of its trading activities in response to the evolving regulatory landscape and market dynamics.
Huobi Korea's decision to terminate its services in South Korea was influenced by various factors, including regulatory changes, market volatility, and shifts in investor behaviour. The company conducted a thorough analysis of these factors before arriving at this difficult decision.
The withdrawal of HTX's application for a crypto trading licence in Hong Kong raises questions about the company's future strategies and its ability to navigate regulatory environments. It also underscores the challenges faced by cryptocurrency exchanges in adapting to evolving regulatory landscapes globally. As the industry continues to evolve, it remains to be seen how companies like HTX will adapt to these changing dynamics.
While the specific reasons behind HTX's sudden withdrawal of its licence application remain unclear, one possibility could be that Justin Sun might be reallocating resources and focus towards restructuring Tron. Given the complexities and challenges in the cryptocurrency space, particularly concerning regulatory compliance and market stability, Sun may be prioritising efforts to rebuild trust and enhance the reputation of his projects amidst rumours and concerns, such as those related to potential support for terrorism financing. Additionally, the series of hacking incidents that HTX has faced in the last few months could have contributed to concerns about security and operational risks, prompting a reassessment of priorities. Alternatively, the swift withdrawal could signal a shift in priorities or a decision to reallocate resources away from HTX, possibly due to factors such as market conditions, regulatory uncertainties, or strategic considerations.
Without further insights from Sun or HTX officials, the exact reasons behind the withdrawal remain speculative, but it's clear that the decision could have significant implications for the future trajectory of HTX and Sun's ventures in the cryptocurrency landscape.
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