BC Technology Refutes $128M Crypto Exchange Sale Report

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Oct 21, 2023 at 08:14 am

The recent filing from the parent company of OSL, a licensed cryptocurrency exchange headquartered in Hong Kong, explicitly asserts that OSL is not being put up for sale.

BC Technology, the entity that holds ownership of OSL, vehemently contests the report by Bloomberg regarding the alleged sale. They categorize it as not only "factually inaccurate" but also "highly misleading." This rebuttal was formalized in a submission to the Hong Kong Stock Exchange. Initially, Bloomberg had circulated information claiming that the exchange was being marketed for sale at a valuation of 1 billion Hong Kong dollars ($128 million).

Under the newly implemented regulations in June, OSL and HashKey stand as the only two entities in Hong Kong to have secured licenses for cryptocurrency operations. This legal status enables them to extend their services to retail clients. According to sources cited by Bitsday at the time, the application process incurred expenses ranging between $12 to $20 million.

A spokesperson from BC Technology, in an interview with the South China Morning Post, noted:

 "We've observed a growing interest from clients in OSL's offerings, particularly in the aftermath of the recent crackdown on unlicensed and illicit operators in Hong Kong." 

This reference pertains to the closure of JPEX and subsequent arrests.

Subsequent to this development, BC Technology witnessed a 22% decline in its stock value at the close of the market in Hong Kong.

The financial records made accessible by BC Technology clearly indicate that OSL constitutes the primary revenue stream for the company.

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