Crypto.com’s Hong Kong retail exit leaves the institutional exchange waiting at the licensing finish line

Crypto.com will discontinue its consumer app services in Hong Kong on Feb. 1, 2027, while continuing to pursue regulatory approval for its institutional exchange, according to Bloomberg.

The company confirmed the shutdown on Monday, saying affected customers had been notified and would receive instructions for closing their accounts and withdrawing funds. Crypto.com cited regulatory changes in emails sent to users in Hong Kong, local news outlet HK01 reported.

The consumer app is operated by Foris DAX MT Limited. A separate entity, Foris DAX HK Limited, is seeking a Hong Kong virtual asset trading platform license.

According to the Securities and Futures Commission’s public register, Foris DAX HK Limited submitted its VATP license application on Feb. 9, 2024. Nearly three years later, the entity remains listed as “deemed-to-be-licensed,” a transitional status rather than full regulatory approval.

Crypto.com told Bloomberg it would continue pursuing approval for its institutional-grade Crypto.com Exchange platform. Cointelegraph reached out to Crypto.com for comment but did not receive a response before publication.