Hong Kong's Securities and Futures Commission (SFC) has thrown down the gauntlet to crypto exchanges: get a license by Feb 29 or pack your bags within 3 months. 🧳 The ultimatum saw 22 exchanges apply, but many withdrew their applications just before the deadline. Big names like OKX and Huobi HK have exited the market, while Gate.HK cited a need for a "major overhaul" before meeting regulatory requirements. As of May 31, 18 hopefuls remain in the licensing race. The SFC will announce the winners on June 1. Godzilla vs. Kong? More like SFC vs. Crypto!