VASP TrackerHong Kong crypto licences English
Menu
13 SFC-licensed platforms · all SFC lists · stablecoin licences

Hong Kong / Analysis

Analysis

18 Hong Kong Crypto Licence Applications Withdrawn or Returned, OKX and Bybit Among Them

OKX, Gate, Bybit, Huobi HK, BitMart and Matrixport HK: when each application was withdrawn, and what the SFC's lists say now.

By , · Published

The short version: 18 licence applications have been withdrawn or returned since the regime began, according to the SFC's list of removed applicants (read 21 Oct 2026): 16 withdrawn by the applicant and 2 returned by the SFC. They come from 16 companies. 7 were withdrawn in May 2024, the last month before the non-contravention period ended on 1 June 2024.

Hong Kong crypto exchange applications removed23 Q3: Withdrawn by applicant 0, Returned by the SFC 0; Q4: Withdrawn by applicant 1, Returned by the SFC 0; 24 Q1: Withdrawn by applicant 3, Returned by the SFC 1; Q2: Withdrawn by applicant 7, Returned by the SFC 0; Q3: Withdrawn by applicant 1, Returned by the SFC 0; Q4: Withdrawn by applicant 1, Returned by the SFC 1; 25 Q1: Withdrawn by applicant 0, Returned by the SFC 0; Q2: Withdrawn by applicant 0, Returned by the SFC 0; Q3: Withdrawn by applicant 2, Returned by the SFC 0; Q4: Withdrawn by applicant 0, Returned by the SFC 0; 26 Q1: Withdrawn by applicant 0, Returned by the SFC 0; Q2: Withdrawn by applicant 0, Returned by the SFC 0; Q3: Withdrawn by applicant 0, Returned by the SFC 0; Q4: Withdrawn by applicant 1, Returned by the SFC 0Hong Kong crypto exchange applications removedApplications withdrawn or returned, by quarter of removal from the SFC's applicant listWithdrawn by applicantReturned by the SFC02468023 Q311Q431424 Q177Q211Q3112Q4025 Q10Q222Q30Q4026 Q10Q20Q311Q4Source: SFC lists of VATPs. VASP Tracker
18 applications (16 companies). Source: SFC. Download: SVG · PNG · CC BY 4.0

The Large Names

  • OKX: OKX Hong Kong FinTech Company Limited applied on 16 November 2023 and withdrew on 24 May 2024.
  • Gate.HK: Gate Digital Limited applied on 28 February 2024 and withdrew on 22 May 2024.
  • Huobi HK: HBGL Hong Kong Limited withdrew twice, on 23 February and 14 May 2024.
  • Bybit: Spark Fintech Limited withdrew on 31 May 2024, applied again on 6 June 2025 and is on the applicant list now. It is not licensed.
  • BitMart: Spread Technologies Hong Kong Limited applied on 27 June 2025 and withdrew on 28 August 2025.
  • Matrixport HK: Flying Hippo Technologies Limited applied on 26 February 2024 and withdrew on 12 October 2026. It is now on the SFC's list of closing-down platforms and must close down by 12 Jan 2027, 83 days from today.

Withdrawn and Returned

A withdrawal is the applicant's decision. A return is the SFC's: “A licence application submitted to the SFC may be returned by the SFC if it is incomplete and/or has unresolved fundamental issues.” (SFC). Returned applications: Meex (7 February 2024) and Bitcoin World (10 October 2024), which applied again in June 2025 and withdrew a month later. The SFC has not refused any application on this list.

Every Removal

Platform / companyAppliedRemovedReason
Matrixport HKFlying Hippo Technologies Limited26 Feb 202412 Oct 2026Withdrawn
BitMartSpread Technologies Hong Kong Limited27 Jun 202528 Aug 2025Withdrawn
Bitcoin WorldBitcoin World Technology Limited10 Jun 202510 Jul 2025Withdrawn
bitcoinworldBitcoin World Technology Limited17 May 202410 Oct 2024Returned
HKDAXHong Kong Digital Asset Xchange Limited27 Aug 20249 Oct 2024Withdrawn
HKXhi5 (Hong Kong) Limited29 Feb 202417 Jul 2024Withdrawn
BybitSpark Fintech Limited31 Jan 202431 May 2024Withdrawn
OKXOKX Hong Kong FinTech Company Limited16 Nov 202324 May 2024Withdrawn
VAEXHong Kong VAEXC Limited25 Nov 202324 May 2024Withdrawn
Gate.HKGate Digital Limited28 Feb 202422 May 2024Withdrawn
Huobi HKHBGL Hong Kong Limited26 Feb 202414 May 2024Withdrawn
IBTCEXWillows Asia Technology Company Limited22 Feb 202413 May 2024Withdrawn
QuanXLabQuanX Lab Limited29 Feb 202413 May 2024Withdrawn
HKVAEXBX SERVICES LIMITED4 Jan 202428 Mar 2024Withdrawn
Huobi HKHBGL Hong Kong Limited20 Feb 202423 Feb 2024Withdrawn
MeexMeex Digital Securities Limited12 Oct 20237 Feb 2024Returned
BitHarbourBitHarbour (Hong Kong) Limited11 Jan 202429 Jan 2024Withdrawn
AmmbrAMMBR (HK) LIMITED29 Sep 20236 Oct 2023Withdrawn

What the Lists Do Not Tell You

The SFC does not publish reasons beyond “withdrawn” or “returned”, and we do not infer them. Firms' own statements about why they withdrew are not used here.

Hong Kong crypto licensing: key dates2023-06-01 VATP licensing starts; 2024-06-01 Non-contravention period ends; 2025-08-01 Stablecoin regime starts; 2026-04-10 First stablecoin licences; 2027-01-12 Matrixport HK close-downHong Kong crypto licensing: key datesTrading platforms (SFC) and stablecoin issuers (HKMA)Today1 Jun 2023VATP licensing starts1 Jun 2024Non-contravention period ends1 Aug 2025Stablecoin regime starts10 Apr 2026First stablecoin licences12 Jan 2027Matrixport HK close-downSources: SFC; HKMA. VASP Tracker
Sources: SFC circular 23EC27, SFC statement, HKMA, SFC lists. Download: SVG · PNG · CC BY 4.0

Sources

  1. SFC lists of VATPs www.sfc.hk
  2. SFC circular 23EC27 apps.sfc.hk
  3. SFC statement, May 2024 www.sfc.hk

Cite This Page

VASP Tracker, “18 Hong Kong crypto licence applications withdrawn or returned, OKX and Bybit among them”, https://vasptracker.com/en/hk/analysis/hong-kong-withdrawn-crypto-licence-applications/ (accessed 21 Oct 2026). CC BY 4.0.

Found an error? Report it · Corrections ·