Crypto.com will discontinue its consumer app services in Hong Kong on Feb. 1, 2027, citing regulatory changes, while continuing its application for approval to operate an institutional exchange in the city.
The company confirmed the closure to Bloomberg on Monday and said affected customers had been notified. They will receive instructions on closing their accounts and withdrawing funds.
According to local outlet HK01, Crypto.com cited regulatory changes in emails to Hong Kong users. The consumer app is operated by Foris DAX MT Limited, while Foris DAX HK Limited is seeking a virtual asset trading platform (VATP) license.
The Securities and Futures Commission’s public register shows that Foris DAX HK Limited submitted its license application on Feb. 9, 2024. The company remains listed as “deemed-to-be-licensed,” a transitional status rather than full regulatory approval.
Crypto.com told Bloomberg it would continue pursuing the application for its institutional-grade Crypto.com Exchange platform. Cointelegraph reported that it had contacted the company for comment but received no response before publication.
Sources: Cointelegraph.