Crypto.com to shut consumer-facing app in Hong Kong next Feb

Singaporean cryptocurrency exchange company Crypto.com will shut its consumer-facing app on February 1 next year, it said on Tuesday.

“This decision reflects our ongoing efforts to optimise global operations and allocate resources where we see the most sustainable long-term opportunities,” a spokesperson told HKFP on Tuesday. “All impacted customers have received advance notice, we will provide clear instructions on closing their accounts and support is available to ensure the orderly withdrawal of their funds.”

“We remain committed to the broader APAC region and to collaborating with regulators worldwide to support responsible industry growth,” they added.

The platform said it would continue its application for an institutional-grade virtual-asset trading platform licence in the city through Foris DAX HK Limited, as it seeks approval from the Securities and Futures Commission. Its application has been under consideration since February, 2024.

HK01 reported that the firm had cited regulatory changes in an email to users.

Originally founded in Hong Kong a decade ago, Crypto.com’s website says it has 150 million users in 90 countries. It is a donor to causes associated with US President Donald Trump and maintains relationships with several Trump ventures.

Hong Kong has been bolstering regulations in order to position itself as a digital asset trading hub.

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Tom founded Hong Kong Free Press in 2015 as the city's first crowdfunded newspaper. He has a BA in Communications and New Media from Leeds University and an MA in Journalism from the University of Hong Kong. He previously founded an NGO advocating for domestic worker rights, and has contributed to the BBC, Deutsche Welle, Al-Jazeera and others.

Tom leads HKFP – raising funds, managing the team and navigating risk – whilst regularly speaking on press freedom, ethics and media funding at industry events, schools and conferences around the world.