Hong Kong-based cryptocurrency exchange Gate.HK has shut down after failing to meet the upcoming local licensing requirements set to take effect on June 1. The Hong Kong Securities and Futures Commission (SFC) mandated that all crypto exchanges in the region acquire an operational license, requiring those that failed to apply to cease services by May 31. Gate.HK applied for a license on February 28, but withdrew the application on May 22, citing the need for a “major overhaul” of its trading platform. As of May 23, Gate.HK has stopped acquiring new users and ceased all marketing activities. Current users can