Crypto.com to Close Its Hong Kong Consumer App in February While Seeking Exchange License

Crypto.com will stop offering its consumer app in Hong Kong on Feb. 1, 2027, the company told Bloomberg on Monday. Affected users have already been contacted and will receive steps for closing accounts and withdrawing their money. In emails to customers, the firm pointed to regulatory changes as the reason, according to local outlet HK01.

Institutional Exchange Application Continues

The shutdown does not end the company’s plans in the city. It says it will keep pursuing approval for its institutional grade Crypto.com Exchange. The consumer app is run by Foris DAX MT Limited, while a separate entity, Foris DAX HK Limited, is the one applying for a Hong Kong virtual asset trading platform license.

SFC License Status Remains Unresolved

Public records from the Securities and Futures Commission show the Hong Kong entity filed its application on Feb. 9, 2024. Almost three years later, it is still listed as deemed to be licensed, which is a transitional status and not full approval.