BC Technology denies it is selling OSL crypto exchange as stock plummets amid challenges for Hong Kong licensing
- BC Technology has rejected a Bloomberg report that it is looking to sell OSL, one of two licensed Hong Kong crypto exchanges
- Additional crypto exchanges with ties to mainland companies are pursuing virtual asset licences in the city
Hong Kong-based BC Technology Group refuted a report that it was exploring a sale of its locally licensed digital asset business OSL for as much as HK$1 billion (US$137.3 million) after its stock shed a fifth of its value on Tuesday.
Bloomberg News reported on Monday that the investment holding company, which listed on the Hong Kong stock exchange in 2012, was gauging interest from buyers for the sale of OSL, one of only two licensed cryptocurrency exchanges in the city along with HashKey.
BC Technology might opt to just sell off parts of the business, according to Bloomberg, citing unnamed sources.
BC Technology’s shares fell the next day by more than 22 per cent to HK$3.35.
“The Board wishes to clarify that the contents and statements in the article are factually inaccurate and highly misleading,” BC Technology said in a filing to the Hong Kong stock exchange.
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The cryptocurrency scandal gripping Hong Kong
Since Hong Kong announced a year ago its intent to transform the city into a virtual asset hub, expectations for the local crypto market have been heightened, attracting attention from a slew of exchanges seeking a now-required licence after new rules went into effect in June.
