Crypto.com will stop its app services for consumers in Hong Kong in February next year

The cryptocurrency trading platform Crypto.com has confirmed that it will cease consumer app services in Hong Kong starting February 1, 2027, while continuing to apply for regulatory licenses for its institutional trading platform. The company informed Bloomberg that affected users have been notified and will receive guidance on closing their accounts and withdrawing funds.

According to Hong Kong media HK01, Crypto.com mentioned changes in the regulatory environment in an email sent to Hong Kong users. The consumer app is operated by Foris DAX MT Limited, while another entity, Foris DAX HK Limited, is applying for a Virtual Asset Trading Platform (VATP) license in Hong Kong. According to the public register of the Hong Kong Securities and Futures Commission, this Hong Kong entity submitted its VATP license application on February 9, 2024, and is still in a "deemed licensed" transitional status, having not yet obtained full regulatory approval.

Crypto.com told Bloomberg that it will continue to advance the licensing application for the institutional-level Crypto.com Exchange platform. This adjustment means that its retail and institutional businesses in Hong Kong will proceed in phases, with consumer services exiting first.