Bitget’s Ditches Hong Kong Crypto License Pursuit

Bitget has decided to withdraw its pursuit of a Virtual Asset Trading Platform (VATP) license in Hong Kong. This decision has set the crypto community abuzz, reflecting Bitget’s recalibration of its market strategy in response to evolving business and market dynamics.

Bitget’s Strategic Shift

Bitget’s pivot was officially announced on November 13, with the company revealing that BitgetX, its Hong Kong division, will cease operations by December 13, 2023. This move signifies Bitget’s exit from the Hong Kong market, as the absence of a VATP license compels the firm to wrap up its regional operations. 

Consequently, the company has urged users to withdraw their crypto assets from BitgetX before the deadline. After December 13, the BitgetX website will become inaccessible, rendering users unable to manage or access their assets on the platform.

Significantly, this announcement aligns with a broader trend in the cryptocurrency industry, where regulatory landscapes are continuously evolving, compelling exchanges to adapt swiftly. Bitget’s decision to halt operations and not apply for the VATP license underscores crypto exchanges’ complexities and challenges in navigating regulatory frameworks across different jurisdictions.

Implications for Users and the Market

For Bitget users, this development means an immediate shift in focus to withdrawing their assets, as trading activities have ceased, leaving only withdrawal operations functional. Moreover, the exchange has stopped accepting new users since November 13, reinforcing its commitment to a smooth and orderly exit from the Hong Kong market.

Additionally, this withdrawal comes amid the backdrop of OSL, another crypto exchange with a Hong Kong license, announcing the suspension of its stock market trading on the same day. This simultaneous development adds another layer of complexity to the Hong Kong crypto market landscape, potentially signaling shifting tides in the region’s regulatory and business environment.

Read Also: Bitget Announces Plans to Invest Strategically In India-Based Start-Ups

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.