Hong Kong’s BC Technology ready to sell its OSL crypto exchange

BC Technology would evaluate theinterest from potential buyers for its stock exchange OSLone of the only crypto platforms regulated à Hong Kong.

Update 10/18/2023: BC Technology said the US news agency’s report was “factually inaccurate and highly misleading”.

BC Technology Groupa company listed on the Hong Kong stock exchange, is considering selling its cryptocurrency exchange platform OSLreported Bloomberg on Monday, citing anonymous sources.

BC Technology is said to be evaluating the interest of potential buyers in an operation that would value the exchange at 1 billion Hong Kong dollars, or around 120 million euros.

Founded in 2018 in Hong Kong, OSL offers SAAS, brokerage, trading and custody solutions for digital assets for institutional and retail customers.

People close to the matter said that BC Technology could sell only part of OSL’s business, and that there was no guarantee that the current negotiations would be successful. The main party involved declined to comment on the matter.

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This summer, Hong Kong introduced a licensing system for crypto exchanges with the ambition of becoming a hub for this new industry. Along with HashKey, OSL is the only crypto-licensed platform in the city-state.

Last month, in the wake of the JPEX affair, the Hong Kong government set up a working group to further strengthen oversight of exchanges.

BC Technology shares are up nearly 40% since the start of the year, after having fallen back considerably since the summer of 2021.

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