Crypto exchange HTX, formerly known as Huobi, has surprised the market by retracting its application for a crypto license in Hong Kong shortly after submitting it. This decision aligns with three other firms also withdrawing their plans to expand services in Hong Kong, as reported by the Securities and Futures Commission’s (SFC) official website.

At the time of writing, HTX has not provided any public statements regarding the sudden change in strategy.

Recent Developments

Earlier, HTX had filed for a virtual asset trading platform (VATP) license through its local subsidiary Huobi HK operated by HBGL Hong Kong Limited. The move follows the SFC’s granting of licenses to only two exchanges in Hong Kong: OSL and HashKey Exchange, in December 2020 and November 2022, respectively.

On another note, Circle, a prominent issuer of stablecoins, recently announced the decision to stop supporting USD Coin (USDC) on TRON, a blockchain network founded by Justin Sun, who also advises HTX. While the exact reason behind this move remains undisclosed, Circle emphasized its commitment to maintaining USDC’s integrity as a trusted, transparent, and secure currency.

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