In a major move, cryptocurrency exchange OKX has decided to pull out of its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. As a result, the exchange will stop offering centralized cryptocurrency trading services to Hong Kong residents starting May 31, 2024. However, OKX has assured its customers that their funds are safe and that they will still be able to withdraw their assets without any issues.

Withdrawal Support Continues

After May 31, 2024, OKX will only allow users to make withdrawals from its platform. However, its Web3 services, including self-hosted wallets, will continue to be available to users in Hong Kong. These services will not be affected by the stoppage of centralized trading and will operate as usual.

Important Reminders for Users

OKX has highlighted some key points that users need to be aware of. For instance, after May 31, 2024, deposits made into accounts may not be automatically credited, and users are advised not to make deposits after this date. Additionally, any open orders that are not closed by the specified date will be automatically canceled, and the canceled funds will be transferred back to the account balance.

Withdrawal Deadline Set

OKX has given users until August 31, 2024, to withdraw their assets from their OKX accounts. The exchange has assured that assets will remain safe in OKX accounts until this date, but direct withdrawals or transfers will not be possible after this date.

Smooth Transition Encouraged

To ensure a smooth transition, OKX is encouraging all users to close their open orders and withdraw their assets before the deadlines. The customer support team is also ready to answer any questions users may have during this process.