Breaking News

Hong Kong Crypto Exchange OSL Considers Sale at $170 Million

Hong Kong Crypto Exchange OSL Considers Sale at $170 Million

Table of Contents

Hong Kong’s BC Technology Group is looking into the sale of its cryptocurrency exchange OSL. OSL is one of only two crypto exchanges licensed under Hong Kong’s newly introduced regulatory regime. 

BC Technology is reportedly exploring selling its crypto platform OSL. According to reports by Bloomberg, citing persons familiar with the matter, BC Technology may sell parts of OSL business offerings rather than the whole platform. 

One of Two Hong Kong Licensed Exchanges Might Be Sold

OSL, a cryptocurrency exchange licensed under Hong Kong’s newly introduced licensing framework, may be up for sale. BC Technology is exploring the sale of the exchange at a current valuation of $128 million (1 billion Hong Kong dollars).  

The Strait Times reports OSL offers prime brokerage, exchange, and custody services for crypto markets. The platform also provides infrastructure to financial institutions to enable them to offer virtual asset trading. 

Discussions are ongoing, and a deal has not yet been finalized. The company told Bloomberg:

"We do not comment on market rumors and speculations."

Hong Kong’s Crypto Licensing Platform

Due to regulatory uncertainty, Hong Kong recently introduced a licensing framework as many crypto-related businesses leave US shores. 

OSL announced it opened crypto trading services to retail investors, allowing them to trade Bitcoin and Ethereum. In a press release, the exchange said:

“Effective immediately, OSL Digital Securities offers retail investors the ability to register on its platform and access digital asset products, starting with the popular cryptocurrencies bitcoin (BTC) and Ethereum (ETH).”

Hong Kong has only issued a crypto license to OSL and Hashkey. Hashkey recently obtained its licence, allowing it to expand its services to retail consumers. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like