Hong Kong's BC Technology Group, the operator of the OSL cryptocurrency exchange, has secured $US90 million in funding from industry firm BGX, the company that runs BitgetX in Hong Kong, in exchange for newly issued shares.

The development has been disclosed in a press release published by BC Technology on Tuesday, November 14.

OSL, a wholly-owned subsidiary of BC Technology, made history as the first digital assets exchange to receive regulatory approval from Hong Kong’s Securities and Futures Commission (SFC).

According to the details, BGX's investment involves subscribing to shares in the parent company of OSL, amounting to HK$710 million or approximately $US90 million.

This announcement follows closely on the heels of BitgetX informing its customers of its decision to cease operations by December 13. The exchange announced its withdrawal from pursuing a licence from the Securities and Futures Commission of Hong Kong, citing considerations related to market conditions.

Bitget is among the few exchanges publicly expressing an intention to obtain a crypto licence in the region, a process known for its high compliance costs.

In light of the business deal, BC Technology requested the Stock Exchange of Hong Kong to temporarily halt the trading of OSL shares on the Hong Kong Stock Exchange.

Both companies assert that this investment underscores OSL's commitment to security, compliance, and technological innovation in the realm of digital assets.