Bitget, a crypto trading platform, has abandoned ambitions to get a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market concerns.
Bitget officially announced on November 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by December 13, 2023.
The announcement notes that Bitget decided not to apply for a VATP license, so the firm must permanently withdraw from the Hong Kong market.
Moreover, The statement concluded that the BitgetX website would cease to exist after that date. There would be no way that one can administer their money on BitgetX.
Furthermore, Bitget noted that users’ asset trading must occur when this platform makes withdrawals available. November 13 will be the final day for new user enrolment in the exchange, another fact revealed by that announcement.
Bitget’s Rise Amidst Crypto Exchange Evolution
Bitget exchange ranked as one of the biggest global crypto exchanges by value. It currently trades over $900K worth of crypto per day, according to information gathered by CoinGecko in 2018.
The company’s Hong Kong branch is actively pursuing the VATP license in line with the latest digital assets regulations set by the Hong Kong SFC in June 2023. This effort demonstrates their commitment to compliance and operations within the specified framework.
OSL was among the pioneers in acquiring crypto licenses in Hong Kong and suspended stock trading on November 13. After a request from its operator, BC Technology, the exchange stopped trading OSL shares on the HK Stock Exchange.
Related Reading | Bithumb Seeks First Crypto Exchange Listing on Korean Stock Market: Report
Industrial sources have heard the rumor about Bitget having purchased/invested in the OSL business. In October, a British Columbia technology company, the OSL operator, allegedly received an offer of $128 million in Hong Kong dollars. The offer was a significant development for the company.
Rida Fatima
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