Today, a significant development occurred in the cryptocurrency world. The development concerns the cryptocurrency exchange OKX. Accordingly, OKX decided to withdraw its Virtual Asset Service Provider (VASP) license application in Hong Kong. Following this decision, it announced that it would cease centralized crypto asset trading services for Hong Kong residents starting May 31, 2024. However, it assured that customer funds are safe and that withdrawal capabilities will not be affected by this change.
OKX Will Support Withdrawal Transactions
OKX stated that after May 31, 2024, it will only support withdrawal transactions on its platform. However, OKX Web3 services, which include self-hosted wallets, will remain available for users in Hong Kong. These services will not be affected by the cessation of centralized trading activities and will continue to operate normally.
OKX also explained important points that users need to pay attention to. For example, it stated that after May 31, 2024, deposit transactions might not be automatically credited to the account and advised users not to make deposits after this date. Additionally, it mentioned that open orders not closed by the specified date would be automatically canceled, and the canceled funds would be transferred to the account balance.
Users Have Until August 31
OKX set a period for users to withdraw their assets from OKX accounts, specifying August 31, 2024, for this process. It announced that assets would remain safe in OKX accounts until this date and that direct withdrawal or transfer transactions would not be possible after this date.
To ensure a smooth transition, OKX encouraged all users to close their open orders and withdraw their assets before the specified deadlines. Additionally, it emphasized that the customer support team is ready to answer any questions during this process.
