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HTX, formerly Huobi Global, is one of the world’s largest cryptocurrency exchanges. Photo: Shutterstock
TechTech Trends

HTX, formerly Huobi, resubmits Hong Kong crypto licence application days after withdrawal

  • The resubmission comes days before the SFC’s deadline for firms hoping to operate a legal crypto exchange in the city to apply for a licence
  • HTX plans to launch a new platform called Huobi Hong Kong and pursue a licence in the city, according to a tweet by adviser Justin Sun last year
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Xinmei Shen
Xinmei Shen
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The Hong Kong affiliate of cryptocurrency exchange HTX, formerly Huobi Global, has resubmitted its application for a licence to operate in the Asian financial hub, as the company seeks to win customers in the city after exiting the mainland market.

HBGL Hong Kong Limited has submitted another application for a licence for the virtual asset trading platform Huobi HK on Monday, after withdrawing its earlier application on February 23, according to a list of cryptocurrency exchange licence applicants published on the Securities and Futures Commission (SFC) website.

HBGL did not publicly disclose its reason for the withdrawal and resubmission.

Excluding HBGL, two cryptocurrency exchange operators have withdrawn their applications so far, while one has had its application returned, according to the SFC.

Justin Sun, adviser for Huobi. Photo: Bloomberg

Beijing-founded HTX is the fifth-largest cryptocurrency exchange in the world by 24-hour trading volume, according to data from market tracker CoinGecko.

It first announced its plans to pursue a licence in Hong Kong in February last year through a statement made by its adviser Justin Sun on Twitter, now X. The outspoken crypto entrepreneur said the company will launch a new exchange called Huobi Hong Kong that will be compliant with the city’s new regulations.

An HTX representative said on Tuesday that Huobi HK operates independently from HTX.

HBGL’s resubmission came just days before a deadline for cryptocurrency exchanges hoping to operate legally in Hong Kong to put in a licence application.

Under the city’s new regulatory regime for virtual assets that took effect last year, companies selling or marketing cryptocurrencies to Hong Kong residents must apply for a licence by February 29 or cease business in the city by June 1 this year.

While only a few international cryptocurrency companies have submitted applications, the Hong Kong market has been seen as a particularly attractive option for firms with strong ties to mainland China, most of which moved their headquarters overseas during Beijing’s crackdown on the industry.

Those companies include some of the industry’s biggest names.

OKX, founded in Beijing in 2017 and now headquartered in the Seychelles, submitted its licence application in November. HKVAEX – an exchange with ties to China-founded Binance, the world’s largest crypto exchange – applied last month.
Binance does not currently list a headquarters, but its founder Zhao Changpeng was spending much of his time in Dubai before his arrest in the US last year for violating anti-money-laundering laws. The company’s current CEO Richard Teng lists his location as Dubai on his X account.

Crypto.com, founded in Hong Kong and based in Singapore, also applied for a licence this month. A total of 20 companies have submitted their applications as of Tuesday, according to the SFC.

Additional reporting by Matt Haldane

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