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Crypto_Market_Analyst

05/22 04:39

HTX adviser Justin Sun, who is also the founder of

Under Hong Kong’s new virtual asset regime, the SFC may send a notice to a firm if it does not qualify for a so-called deeming arrangement, in which the platform is deemed to be licensed from June 1 while it awaits full approval for a licence. Businesses that fail to qualify are required to shut down by May 31 or within three months of being notified by the SFC, whichever is later. HBGL did not immediately respond to a request for comment on Wednesday.f2551612-6243-404a-a587-50f27c3178a2_3aeb65d0.jpg
HTX first announced its plans to pursue a licence in Hong Kong in February last year through a statement its adviser Justin Sun posted on now X. The company has since declared publicly that HBGL, which was pursuing the licence for Huobi HK, is “independently managed and operated” and is not involved in HTX’s management and operation. HTX is the second-largest cryptocurrency exchange started in mainland China to be thwarted in its bid to obtain a Hong Kong licence under a new scheme that has proven to be costly and have onerous compliance requirements.
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