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Crypto.com to withdraw Hong Kong consumer app citing regulatory changes
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- DeepHorus
Crypto.com will shut down its consumer app in Hong Kong on Feb. 1, 2027, the company confirmed, marking a retreat from retail services in the city while it keeps seeking regulatory approval for its institutional exchange. The decision affects local customers who were notified and will receive instructions on closing accounts and withdrawing funds. The move was reported by Bloomberg on Monday.
Crypto.com cited regulatory changes in emails to Hong Kong users, according to local outlet HK01. The consumer app is operated by Foris DAX MT Limited. A separate entity, Foris DAX HK Limited, is pursuing 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 application on Feb. 9, 2024. Nearly three years later, it remains listed as “deemed-to-be-licensed.” That is a transitional status rather than full regulatory approval.
The split between retail withdrawal and institutional persistence highlights Hong Kong’s evolving crypto licensing regime. Retail users must move funds and close accounts before the February 2027 deadline. The company’s exchange application remains central to its longer-term Hong Kong strategy.
Crypto.com told Bloomberg it would continue pursuing the application for its institutional-grade Crypto.com Exchange platform. Cointelegraph reached out to Crypto.com for comment but did not receive a response before publication. The company’s confirmation followed user emails that referenced regulatory changes.
The shutdown is scheduled for Feb. 1, 2027, giving affected customers time to act. Crypto.com’s Hong Kong future will depend on whether Foris DAX HK Limited advances beyond its deemed-to-be-licensed status. For now, the company is separating consumer services from its institutional exchange ambitions.
