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Crypto.com to withdraw Hong Kong consumer app citing regulatory changes

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Crypto.com to withdraw Hong Kong consumer app citing regulatory changes

Written by Ezra Reguerra staff writer Edited by Felix Ng staff editor

Crypto.com will discontinue its consumer app services in Hong Kong in February next year.

Crypto.com will discontinue its consumer app services in Hong Kong on Feb. 1, 2027, while continuing to pursue regulatory approval for its institutional exchange.

On Monday, the company confirmed the shutdown to Bloomberg, saying affected customers had been notified and would receive instructions on closing their accounts and withdrawing funds.

According to local news outlet HK01, Crypto.com cited regulatory changes in emails sent to its users in Hong Kong. The consumer app is operated by Foris DAX MT Limited, while a separate entity, Foris DAX HK Limited, is seeking a Hong Kong virtual asset trading platform license.

According to the Securities and Futures Commission’s (SFC) public register, the company’s Hong Kong entity submitted its VATP license application on Feb. 9, 2024. Nearly three years later, Foris DAX HK Limited remains listed as “deemed-to-be-licensed” — a transitional status rather than full regulatory approval.

Crypto.com told Bloomberg it would continue pursuing the application for its institutional-grade Crypto.com Exchange platform.

Cointelegraph reached out to Crypto.com for comment but did not receive a response before publication.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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