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“We understand the intention behind [Hong Kong’s] policies, but they do impose some constraints,” Han said in an interview on Thursday. “After a year of operation [in Hong Kong], we discovered that it was difficult to cover the cost locally.”
Gate had been “observing” other Hong Kong-licensed platforms’ performance and their ability to scale their business, as it evaluated whether to reactivate its crypto exchange licensing efforts in the city, Han said.
But the company would “actively explore” applying for the city’s forthcoming licences for virtual asset (VA) dealing services, previously named over-the-counter virtual asset trading services, as soon as the regulatory framework was launched, he said. Gate was also looking to work with payment companies by offering blockchain infrastructure services, he added.
Gate, which started in mainland China in 2013, was the world’s third-biggest cryptocurrency exchange by 24-hour trading volume, behind Binance and Bybit, according to data tracker CoinGecko.
The company was among a number of major crypto exchanges that dabbled in the Hong Kong market between 2023 and 2024 after the city’s regulators launched a mandatory licensing regime for trading platforms. Many exited Hong Kong last year after a one-year grace period, which had allowed them to operate while applying for a licence.
