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Hong Kong-Based Crypto Exchange OSL's Owner Weighing Sale at $128M Valuation: Bloomberg

source-logo  coindesk.com  + 12 more 16 October 2023 11:57, UTC

BC Technology Group is weighing the sale of its crypto exchange OSL at a valuation of 1 billion Hong Kong dollars ($128 million), according to a report by Bloomberg on Monday.

OSL offers prime brokerage, exchange and custody of crypto assets, as well as infrastructure for financial institutions to offer digital asset trading. BC Technology may elect to sell parts of OSL's business rather than the whole entity, according to the report, citing people familiar with the matter.

The people added that BC's deliberations are ongoing and there is guarantee that a deal will come to pass.

The exchange is one of two to have won crypto licenses in Hong Kong under the region's new regulatory regime introduced in June, the other being HashKey. The application process is thought to have been expensive, however, costing the companies between $12-20 million, individuals familiar with the matter told CoinDesk in August.

BC Technology did not immediately respond to CoinDesk's request for comment.

Read More: Hong Kong to Disclose All Crypto License Applicants After JPEX Probe


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