According to Odaily Planet Daily, Gate.HK has proactively submitted to the Hong Kong Securities and Futures Commission on May 22 to withdraw its application for a virtual asset trading platform license. Gate.HK CEO Kevin Lee said that the company is readjusting its business direction, and the team attaches great importance to compliance operations in Hong Kong, and will maintain normal operations in Hong Kong on the premise of meeting compliance requirements and providing users with the best service experience. At the same time, Gate.HK is also actively exploring the possibility of applying for other compliance licenses, including but not limited to reconsidering the application for a Hong Kong virtual asset trading platform license, or other types of compliance licenses in Hong Kong.