In a major turn of events within the cryptocurrency sector, OKX has chosen to pull its Virtual Asset Service Provider (VASP) license application in Hong Kong. The cryptocurrency exchange further declared it would stop all centralized crypto asset trading services for Hong Kong inhabitants beginning May 31, 2024. Despite this significant operational shift, OKX assured its clients that their funds remain secure and they will retain the ability to withdraw their assets without interruption.
How Will OKX Handle Withdrawals?
Post-May 31, 2024, OKX will facilitate only withdrawal transactions on its platform. OKX’s Web3 offerings, which consist of self-managed wallets, will continue to be accessible to users in Hong Kong. These services will not be impacted by the halt in centralized trading and will function as usual.
It’s critical for users to note that deposits made after May 31, 2024, may not be automatically added to their accounts. OKX advised customers against making deposits beyond this date. Furthermore, any outstanding orders that remain open past the cutoff will be automatically canceled, and the corresponding funds will be credited to the users’ account balances.
When Should Users Withdraw Their Assets?
OKX has set a withdrawal deadline, advising users to remove their assets by August 31, 2024. The exchange guaranteed that assets would be secure in OKX accounts until the deadline but warned that after this date, direct withdrawals or transfers would be impossible.
To facilitate a seamless transition, OKX is urging all users to close any open orders and withdraw their assets before the designated deadlines. The exchange also highlighted that its customer support team is prepared to address any questions that may arise during this period.
Key User Actions
• Do not make deposits after May 31, 2024, as they may not be credited.
• Ensure open orders are closed before the deadline to avoid automatic cancellations.
• Withdraw all assets by August 31, 2024, to prevent any issues with accessing funds post-deadline.
• Reach out to customer support for any clarifications or assistance needed.
As the cryptocurrency exchange landscape continues to evolve, OKX’s latest decisions underscore both the dynamic nature of the industry and the importance of adhering to regulatory guidelines. Users are advised to take all necessary actions within the provided timelines to ensure a smooth and secure transition.