In a surprising move, cryptocurrency exchange Bitget has decided to abandon plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong.
Bitget Abandons Crypto License Plans in Hong Kong
BitgetX, the Hong Kong division of the platform that can be accessed through the BitgetX.hk domain name, will cease operations as of December 13, 2023.
The official announcement was made today, citing business and market considerations as the driving factors behind Bitget's decision not to pursue the VATP license in Hong Kong. This means Bitget will exit the Hong Kong market permanently.
The company took a proactive stance, urging its users to withdraw their cryptocurrency assets from BitgetX before the anticipated December 13 date.
The announcement emphasized the importance of completing withdrawal transactions before this deadline and said, “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX.”
Bitget's unexpected withdrawal from seeking a crypto license in Hong Kong may cause some concern over the evolving regulatory environment in the region.
The decision could spark further discussion within the crypto community about the challenges exchanges face and considerations when complying with regulatory frameworks.
*This is not investment advice.