NewsletterBreaking: Bitget Ditches Hong Kong Crypto License Pursuit
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.
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.
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
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: JPMorgan Launches ‘JPM Coin’ Token For Institutional Transfers
- Canary Funds XRP ETF Set For Launch This Thursday After Final Filing
- Bitwise Chainlink ETF Gains Listing on DTCC with CLNK Ticker, LINK Falls
- Coinbase Ends $2B BVNK Acquisition Talks Amid Stablecoin Race
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
