Gate.io suspends service in Hong Kong...withdraws license application

Cryptocurrency exchange Gate.io has scaled back operations at its Hong Kong subsidiary Gate.HK and applied for a cryptocurrency trading platform license.
The Block, a cryptocurrency media outlet, reported on the 23rd (local time) that the company had withdrawn the statement. According to the report, the company announced in a statement on the same day that it plans to conduct a large-scale inspection of the platform.
The company urged users to complete their withdrawals by August 28th. As a result, GateHK immediately suspended new user registrations and deposits, and on the 28th (local time)
The company plans to delist all virtual currencies it currently supports for trading, including Bitcoin and Ethereum. Gate HK said it is "actively working on the comprehensive restructuring work mentioned earlier."
"We plan to resume operations in Hong Kong and contribute to the virtual asset ecosystem after obtaining the relevant licenses," he added. GateHK applied for a license with the Hong Kong Securities and Futures Commission in February of this year.
had submitted the document.