Asia's weekly TOP10 crypto news (May 27 to Jun 2)
1. Hong Kong Regulatory News This Week 1.1 Exclusive: Hong Kong Requires License Applicants to Sign Pledge Excluding Mainland Users, Leading to Mass Withdrawal of Applications link Hong Kong has announced the approval of 11 applicants for virtual asset trading platform licenses. Previously, major exchanges like Binance, OKX, HTX, Bybit, and Gate withdrew their applications. According to WuBlockchain Exclusive, the withdrawals were due to the Hong Kong Securities and Futures Commission (SFC) requiring all applicants to sign a commitment that no entity involved in the application would have users from mainland China. This requirement posed a challenge for traditional offshore exchanges. OKX attempted to form an industry alliance to oppose this demand but was ultimately unsuccessful. Industry insiders suggest that these entities may reapply in the future with updated legal frameworks or entities, but they will likely be unable to use their current offshore-style branding. The 11 approved ...