Crypto.com will discontinue its consumer app services in Hong Kong on Feb. 1, 2027, citing regulatory changes in the city.

The company confirmed the planned shutdown to Bloomberg on Monday and said affected customers had already been informed. Users will receive instructions on how to close their accounts and withdraw their funds before the service ends.

Local news outlet HK01 reported that Crypto.com sent emails to Hong Kong users about the closure. The emails cited regulatory changes as the reason for the move. The Feb. 1 end date gives customers about three months to take action.

Neither the reports nor the company’s statements specified how many Hong Kong users will be affected. They also did not identify the particular regulatory changes that prompted the decision.

Separate Entity Pursuing Hong Kong License

The Hong Kong consumer app is operated by Foris DAX MT Limited, which is responsible for the retail service being discontinued. A separate company, Foris DAX HK Limited, is seeking approval to operate a virtual asset trading platform, or VATP, in Hong Kong.

Crypto.com said it will continue pursuing a license for its institutional-grade platform, Crypto.com Exchange. That platform is separate from the consumer app and is not included in the planned closure. The SFC’s decision on the pending application will determine whether the exchange can operate in Hong Kong under a full license.

According to the Hong Kong Securities and Futures Commission’s public register, Foris DAX HK Limited submitted its VATP license application on Feb. 9, 2024. The application has remained pending for nearly three years.

Foris DAX HK Limited is still listed as “deemed-to-be-licensed” on the register. The designation is a transitional status and does not represent full regulatory approval.

Hong Kong’s licensing system for virtual asset trading platforms took effect on June 1, 2023. Platforms that were already operating in the city could apply during a transition period. A platform with “deemed-to-be-licensed” status may continue operating while the SFC reviews its application, but it still requires a final regulatory decision to become fully licensed. The regime requires platforms serving Hong Kong investors to be licensed by the SFC, part of the city’s effort to build a regulated virtual asset sector.

Cointelegraph contacted Crypto.com for comment on the consumer app shutdown, but the company did not respond before publication. Crypto.com told Bloomberg that it would continue working toward the license for its institutional platform.

Blockonomi first reported the announcement.