- Crypto exchange Bitget has abandoned its plans for a crypto license in Hong Kong, asking users to withdraw their assets by Dec. 13.
Bitget, a cryptocurrency trading platform, has abandoned ambitions to get a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market concerns.
Bitget announced on November 13 that its Hong Kong business, BitgetX, accessible via the name BitgetX.hk, will stop operations on December 13, 2023.
Bitget will have to permanently withdraw from the Hong Kong market because it chose not to seek for a VATP license, according to the release.
The company has strongly advised users to withdraw their cryptocurrency assets from BitgetX before December 13. “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,” the company said.
Users will not be able to trade their assets on the platform immediately, according to Bitget, as only withdrawals will be available. The exchange will also stop admitting new members on November 13, according to the notice.
Bitget, which was launched in 2018, is a large worldwide crypto exchange that trades approximately one million in crypto every day, according to CoinGecko data. The Hong Kong section of the exchange has often stated its intention to seek the VATP license in accordance with Hong Kong’s Securities and Futures Commission’s new crypto framework, which goes into effect in June 2023.
The announcement came on the same day that OSL, one of the first crypto exchanges to obtain a Hong Kong crypto license, announced the suspension of stock market trading on November 13. The Stock Exchange of Hong Kong halted trading in OSL shares at the request of its operator, BC Technology.
According to industry reports, Bitget has either purchased or invested in the OSL business. According to reports, OSL operator BC Technology proposed selling the OSL exchange for $1 billion Hong Kong dollars, or $128 million, in October.
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