Cryptocurrency trading platform Bitget has made a significant decision to forgo its plans of obtaining a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing various business and market-related factors as the driving force behind this move.
Bitget’s Hong Kong division, known as BitgetX and accessible through the domain BitgetX.hk, will officially cease its operations by December 13, 2023, according to an official announcement made on November 13.
By opting not to pursue the VATP license, Bitget will have no choice but to permanently withdraw from the Hong Kong market, as detailed in the announcement.
The company has taken the initiative to strongly urge its users to withdraw their cryptocurrency assets from BitgetX before the December 13 deadline.
After this date, the BitgetX website will become inaccessible, rendering users unable to manage or access their assets on the platform.
Bitget has clarified that, during this transition period, only withdrawal services will remain available, with the exchange also ceasing to accept new users as of November 13.
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Bitget, a significant player in the global cryptocurrency exchange landscape, established in 2018, facilitates the trading of nearly one million in cryptocurrency on a daily basis, according to data from CoinGecko.
The exchange’s Hong Kong division had previously expressed its dedication to securing the VATP license, ensuring compliance with the new crypto framework established by Hong Kong’s Securities and Futures Commission in June 2023.
Coinciding with Bitget’s decision, OSL, one of the pioneers in acquiring a Hong Kong crypto license, made an announcement of its own on November 13.
OSL suspended its stock market trading activities at the request of its operator, BC Technology, on the Stock Exchange of Hong Kong.
Rumors have circulated in the industry suggesting a possible connection between Bitget and OSL. Speculation emerged that Bitget may have acquired or invested in OSL’s business.
In October, BC Technology, the operator of OSL, was reported to be exploring the possibility of selling the OSL exchange for HKD 1 billion, equivalent to approximately $128 million.
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