- BitgetX HK, a subsidiary of the crypto exchange Bitget, ceases operations in the Hong Kong market.
- The withdrawal follows the company’s decision not to pursue a Virtual Asset Trading Platform (VATP) license.
- The official statement announces the cessation effective December 13, 2023.
BitgetX HK, a subsidiary of the crypto exchange Bitget, has officially announced its decision to halt operations in the Hong Kong market. The withdrawal follows the company’s decision not to pursue a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market considerations.
In an official statement released on Monday, the company cited, “BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, BitgetX.hk will permanently exit the Hong Kong market.”
Contrary to expectations, BitgetX HK, which commenced operations just seven months ago, has chosen to withdraw its local crypto license application. Consequently, BitgetX HK will no longer be able to offer services to its users in Hong Kong. The company attributes this decision to “business and market-related considerations.”
Users of BitgetX HK are advised to withdraw their virtual assets before the specified deadline, as the website will no longer be accessible thereafter. In addition, since the announcement, all trading activities have been suspended, and new user registrations are no longer being accepted.
Bitget initially introduced its Hong Kong-focused venture in April 2023, revealing that BitgetX HK was established to apply for a license under the Virtual Asset Service Provider (VASP) regime.
Due to the introduction of new VASP regulations in Hong Kong, mandating that crypto exchanges obtain a special VASP license to operate in the region, Bitget had to cease its services for Hong Kong users. This led to the launch of BitgetX.hk, a crypto platform specializing in spot trading and peer-to-peer transfers, to continue serving Bitget’s user base in Hong Kong.
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