TechFlow news: Following the recent withdrawal of Hong Kong license applications by Binance, OKX, HTX, Bybit, Gate and others, Wu Shuo has learned that the reason is the Hong Kong SFC's requirement for all virtual asset trading platform applicants to sign a commitment letter, pledging that no entity under them may serve mainland Chinese users in any jurisdiction. This requirement makes it impossible for traditional offshore exchanges to comply. OKX reportedly attempted to form an industry alliance to oppose the requirement but ultimately failed. However, industry insiders indicate that these withdrawn applicants could reapply in the future after updating their legal entities or structures, though they likely won't be able to use brands similar to their current offshore operations.
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