- crypto.com will shut down its consumer app in Hong Kong on Feb. 1, 2027, citing regulatory changes.
- Affected users have been notified and will receive instructions on closing accounts and withdrawing funds.
- The company will continue pursuing a license for its institutional exchange through its entity Foris DAX HK Limited.
- Foris DAX HK Limited submitted its VATP license application in February 2024 but remains in a “deemed-to-be-licensed” status.
Crypto.com will discontinue its consumer app services in Hong Kong on Feb. 1, 2027, as the company shifts focus toward securing regulatory approval for its institutional exchange. On Monday, the company confirmed to Bloomberg that affected customers had been notified and would receive instructions for closing accounts and withdrawing funds.
According to local news outlet HK01, the company cited regulatory changes in emails sent to users. The consumer app is operated by Foris DAX MT Limited, while 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 (SFC) 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 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.
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