Crypto.com to Shut Hong Kong Consumer App as Exchange Licence Remains Pending
Crypto.com said affected users were notified and will receive instructions for closing accounts and withdrawing funds.
- On Monday, Crypto.com announced it will discontinue its consumer-facing app services in Hong Kong effective Feb 1, 2027, with affected customers notified and provided instructions for closing accounts and withdrawing funds.
- The consumer app is operated by Foris DAX MT Limited, while a separate entity, Foris DAX HK Limited, continues pursuing a virtual asset trading platform license from the Securities and Futures Commission for its institutional-grade exchange.
- Foris DAX HK Limited submitted its VATP license application on Feb 9, 2024, and has remained classified as "deemed-to-be-licensed" under transitional arrangements for approximately two years and nine months as of November 2026.
- Several major cryptocurrency companies, including Flying Hippo Technologies Hong Kong Limited and OKX Hong Kong FinTech Company Limited, withdrew their applications during the licensing process, as the SFC maintains transitional status does not guarantee approval.
- Hong Kong continues developing its regulated digital asset market under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, though Crypto.com has not identified which specific regulatory changes prompted this consumer app decision.
12 Articles
12 Articles
Crypto.com to shut Hong Kong consumer app as exchange licence remains pending
Crypto.com has announced plans to discontinue its consumer app services in Hong Kong from Feb. 1, 2027, while continuing to pursue regulatory approval for its institutional exchange. According to a Nov. 2 Bloomberg report, the cryptocurrency exchange confirmed that affected…
Crypto.com Quits Hong Kong Retail App From Feb 1, 2027
Crypto.com will discontinue its consumer app services in Hong Kong from February 1, 2027, while continuing to seek regulatory approval for its institutional exchange. The decision separates the company's withdrawal from the local retail market from its longer-term ambitions to operate a licensed virtual asset trading platform in the territory. The exchange has notified affected customers and will provide instructions for closing accounts and wit…
Key points of the news: Crypto.com will close its consumer app in Hong Kong on February 1, 2027, while continuing to seek approval for its institutional exchange. Affected customers received advance notice and instructions to withdraw funds and close accounts. Crypto.com cited operational priorities and regulatory changes. Foris DAX HK continues to apply as an application ... Read more
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