Crypto News

Breaking: Bitget Ditches Hong Kong Crypto License Pursuit

Bitget's exit from the Hong Kong crypto market shakes the industry as they abandon VATP license pursuit, urging users to withdraw by Dec 13.

Published by

Kelvin Munene Murithi

Updated 13 Nov, 2023 | 02:02:43 PM UTC

Breaking: 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.

Kelvin Munene Murithi

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.

Published by

Kelvin Munene Murithi

Updated 13 Nov, 2023 | 02:02:43 PM

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