Crypto exchange HTX (formerly Huobi) has made a U-turn by withdrawing its application for a crypto license in Hong Kong just a few days after submitting it.

According to the Securities and Futures Commission’s (SFC) official website, which publishes a list of crypto exchange license applicants, HTX has aligned with three other firms in retracting their plans to extend services in Hong Kong.

At the time of writing, HTX made no public statements regarding its sudden shift in strategy.

The move comes shortly after HTX through its local subsidiary Huobi HK operated by HBGL Hong Kong Limited had filed for a virtual asset trading platform (VATP) license.

As Coin Insider Daily earlier noted, the SFC has granted licenses to only two exchanges in Hong Kong thus far: OSL and HashKey Exchange, in December 2020 and November 2022, respectively.

On Feb. 21, Circle, one of the leading issuers of stablecoins, made headlines by announcing its decision to stop supporting USD Coin (USDC) on TRON, a blockchain network founded by Justin Sun, who also serves as an advisor to HTX. While the precise motive behind that decision remains undisclosed, Circle emphasized that it aligns with their dedication to upholding USDC’s integrity as a trusted, transparent, and secure currency.