Breaking: Bitget Ditches Hong Kong Crypto License Pursuit

Kelvin Munene Murithi
November 13, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Bitget has decided to withdraw its pursuit of a Virtual Asset Trading Platform (VATP) license in Hong Kong. This decision has set the crypto community abuzz, reflecting Bitget’s recalibration of its market strategy in response to evolving business and market dynamics.

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Bitget’s Strategic Shift

Bitget’s pivot was officially announced on November 13, with the company revealing that BitgetX, its Hong Kong division, will cease operations by December 13, 2023. This move signifies Bitget’s exit from the Hong Kong market, as the absence of a VATP license compels the firm to wrap up its regional operations. 

Consequently, the company has urged users to withdraw their crypto assets from BitgetX before the deadline. After December 13, the BitgetX website will become inaccessible, rendering users unable to manage or access their assets on the platform.

Significantly, this announcement aligns with a broader trend in the cryptocurrency industry, where regulatory landscapes are continuously evolving, compelling exchanges to adapt swiftly. Bitget’s decision to halt operations and not apply for the VATP license underscores crypto exchanges’ complexities and challenges in navigating regulatory frameworks across different jurisdictions.

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Implications for Users and the Market

For Bitget users, this development means an immediate shift in focus to withdrawing their assets, as trading activities have ceased, leaving only withdrawal operations functional. Moreover, the exchange has stopped accepting new users since November 13, reinforcing its commitment to a smooth and orderly exit from the Hong Kong market.

Additionally, this withdrawal comes amid the backdrop of OSL, another crypto exchange with a Hong Kong license, announcing the suspension of its stock market trading on the same day. This simultaneous development adds another layer of complexity to the Hong Kong crypto market landscape, potentially signaling shifting tides in the region’s regulatory and business environment.

Read Also: Bitget Announces Plans to Invest Strategically In India-Based Start-Ups

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.