The Virtual Asset Trading Platform (VATP) is a license provided by the government of Hong Kong that allows crypto exchanges to operate within the bounds of the region.

Although the license has been available for several years now, only two exchanges – HashKey and OSL – are currently in possession of one. A number of applicants have been on the waitlist for a while – including HTX, formerly known as Huobi, until yesterday, when the firm withdrew its application.

Earlier Plans Abandoned

Previously, HTX CEO Justin Sun had stated that his exchange would pursue a VATP license, allowing his exchange to operate in Hong Kong.

At the time, HTX was looking into ways to expand its reach globally, in spite of a spate of attacks that could have seriously damaged the exchange’s credibility had they not been thwarted.

One planned expansion method was the founding of Huobi Hong Kong due to China’s perceived dominance in the industry and the resulting need to have a base of operations close to the action.

“China’s dominance in the [cryptocurrency] space is becoming more and more apparent. With this in mind, I’ve decided to move to Hong Kong to be closer to the action and take advantage of the opportunities in Asian market.”

At the time, Sun also indicated that he intended to look for opportunities to expand in “friendly regions” like Japan and the Caribbean, leaving a possible expansion to the US and Canada for later.

However, this plan seems to have been abandoned.

Withdrawal Shortly Before Deadline

According to Hong Kong’s financial regulator, SFC, all crypto exchange platforms looking to do business in the city-state must submit their application before the 29th of February. This law went