Crypto.com to withdraw Hong Kong consumer app citing regulatory changes

Crypto.com has announced plans to discontinue its consumer app services in Hong Kong, effective February 1, 2027. The company confirmed the shutdown to Bloomberg, stating that affected customers have been notified and will receive guidance on closing their accounts and withdrawing funds. Crypto.com cited regulatory changes as the reason for the discontinuation, according to emails sent to its users in the region.

The consumer app, operated by Foris DAX MT Limited, is set to be withdrawn while Crypto.com continues to pursue regulatory approval for its institutional exchange, Crypto.com Exchange. A separate entity, Foris DAX HK Limited, has been seeking a Hong Kong virtual asset trading platform license. As of now, Foris DAX HK Limited holds a transitional status of "deemed-to-be-licensed," indicating that it has not yet received full regulatory approval from the Securities and Futures Commission (SFC).

Despite the ongoing efforts to secure a license for the institutional exchange platform, Crypto.com has not yet received a response from the company regarding the matter. The company's Hong Kong entity submitted the virtual asset trading platform license application on February 9, 2024, but nearly three years later, the status remains as "deemed-to-be-licensed."