Gate.HK plans a major overhaul to comply with regulations and aims to relaunch services after obtaining the necessary licenses.
Hong Kong-based cryptocurrency exchange Gate.HK has closed down after failing to meet the local licensing requirements that will be enforced starting June 1.
The Securities and Futures Commission of Hong Kong (HKSFC) mandated that all crypto exchanges in the region acquire an operational license. Exchanges that failed to apply for a license must stop their services by May 31.
Following this requirement, Gate.HK submitted its license application to the HKSFC on February 28. However, the exchange withdrew the application on May 22, citing the need for a “major overhaul” of its trading platform.
