BitgetX Closure and Withdrawal from the Hong Kong Market

Key Points:

• BitgetX.hk, a prominent virtual asset trading platform in Hong Kong, has announced BitgetX closure and withdrawal from the market by December 13, 2023
• BitgetX.hk users must withdraw their crypto assets from the platform before December 13, 2023, as access to these assets will be unavailable beyond that date.

BitgetX.hk, a prominent virtual asset trading platform in Hong Kong, has decided not to pursue a Virtual Asset Trading Platform (VATP) license. As a result, BitgetX closure and withdrawal from the Hong Kong market by December 13, 2023, were announced.

BitgetX Closure and Withdrawal: Users Advised to Withdraw Crypto Assets Before December 13

Users are strongly advised to withdraw their crypto assets from BitgetX.hk before the closure. After December 13, access to these assets will no longer be available. By choosing not to apply for a VATP license, BitgetX.hk is completely withdrawing from the Hong Kong market. The closure of BitgetX has several implications for its users.

Firstly, users will need to find alternative cryptocurrency exchanges for their trading activities. Notable alternatives in Hong Kong include platforms like Binance and Crypto.com. Secondly, users must withdraw their virtual assets from BitgetX before the deadline of December 13, 2023. After this date, access to assets on the BitgetX platform will be unavailable.

The Impact on Hong Kong Cryptocurrency Market when BitgetX Closure and Withdrawal

The closure of BitgetX is a setback for the Hong Kong cryptocurrency market. As one of the largest exchanges in the region, its absence will reduce the options available to investors engaged in cryptocurrency trades.

The full impact of BitgetX’s closure on the broader Hong Kong cryptocurrency market is uncertain. However, it is expected that the shutdown will likely result in a decrease in trading volume across other cryptocurrency exchanges in Hong Kong.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.