OSL parent denies $128M sale of its digital assets trading platform

In a statement released Tuesday, BC Technology dismissed the reports as “factually inaccurate and highly misleading”

article-image

Eakvoraseth/Shutterstock modified by Blockworks

share

Hong Kong’s BC Technology Group has denied reports suggesting the possible sale of its licensed crypto platform, OSL. 

Reporting from Bloomberg on Sunday had initially suggested BC Technology was exploring the sale of OSL, one of only two digital asset platforms licensed under Hong Kong’s new crypto framework.

A valuation of $1 billion HK ($127.8 million) was reportedly under consideration and the company was said to be open to selling specific segments of OSL rather than the entire business.

While it is not uncommon for corporations to refrain from commenting on market rumors, BC Technology took the step of issuing an official denial.

In a statement, BC Technology categorically dismissed the reporting as “factually inaccurate and highly misleading.”

Blockworks has reached out to BC Technology to learn more.

Read more: New task force in Hong Kong set to monitor crypto exchanges

The statement also observed there had been an “unusual movement” in the trading volume and share price of BC Technology. However, the firm’s board said in its statement it was unaware of any particular reason for the volatility.

Exchange data shows shares of BC Technology, which went public in Hong Kong in 2012, shed more than 34% of its share price to $2.70 HK ($0.35) on Tuesday. It has since clawed back some of those losses to stand at $3.35 HK ($0.43) per share as of the time of writing.

OSL provides a range of services including prime brokerage, exchange and custody services for crypto. It also extends trading infrastructure to financial institutions.

The platform currently operates within a shifting regulatory landscape in Hong Kong. While the region had initially restricted trading of digital assets for retail investors, Hong Kong has since switched its stance, aiming to become a hub for crypto.

Hong Kong’s securities regulator also moved to implement tougher rules for digital asset companies, including a crypto licensing regime, that began in June.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike

article-image

The company is making public a previously private offer rejected by Bitfarms’ board of directors last month

article-image

Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin

article-image

As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore

article-image

UNI and MKR are suffering from the successes of their respective protocols

article-image

Maybe there’s no silver bullet to avoiding most tokens dumping after launch…