According to a Bloomberg report, Hong Kong has received applications from 24 companies seeking licenses to operate crypto exchanges in the city as it strives to establish itself as a regulated hub for the cryptocurrency industry.
Notable players such as Bybit, OKX, and Crypto.com are among the applicants, while Binance, Coinbase, and Kraken are absent. However, the city’s virtual asset rulebook, which prioritizes investor protection, comes with compliance costs that could be challenging for some companies.
Binance, Coinbase Omit Hong Kong’s Crypto License Race
Per the report, the list of applicants includes well-known players in the digital asset space, such as Gate.io, HTX, and Bullish, which have demonstrated notable trading volumes. Nonetheless, the absence of major exchanges like Binance, Coinbase, and Kraken raises questions about their strategic decisions regarding Hong Kong.
The list of applicants serves as a gauge of industry sentiment, indicating the confi
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