Gate.HK, the Hong Kong arm of cryptocurrency exchange Gate.io, has withdrawn its application for a virtual-asset trading platform licence, the third company affiliated with a major global exchange to end its bid to legally operate in the city under a new exacting regime. The company “took a proactive step” to withdraw its application as part of a “platform overhaul”, and it has stopped registering new users, taking deposits and marketing its services in Hong Kong, according to its statement published on Wednesday. Gate.HK, launched in May last year, submitted its application to the Securities and Futures Commission (SFC) in February under new rules that require exchanges serving customers in Hong Kong to be licensed.