- Bitget has canceled its plans to apply for a Hong Kong VATP license, citing concerns about the market and company.
- Bitget would have to permanently leave the Hong Kong market because it chose not to submit an application for a VATP license.
Bitget, a cryptocurrency trading platform, has canceled its plans to apply for a Hong Kong Virtual Asset Trading Platform (VATP) license, citing concerns about the market and company.
Bitget formally declared on November 13 that BitgetX, its Hong Kong business, which can be reached at BitgetX.hk, will close on December 13, 2023.
According to the notification, Bitget would have to permanently leave the Hong Kong market because it chose not to submit an application for a VATP license.
The corporation highly advises users to remove their cryptocurrency assets from BitgetX by December 13. The message stated:
“After this date, you will not be able to manage or access your assets on BitgetX, and the BitgetX website will no longer be accessible.”
Bitget emphasized that consumers will not be able to swap their assets on the site at this time; withdrawals will be their only available options. The notice stated that as of November 13, the exchange will no longer be accepting new users.
According to CoinGecko data, Bitget, a prominent worldwide cryptocurrency exchange, was established in 2018 and trades close to one million coins every day.
The exchange’s Hong Kong branch has consistently reaffirmed its intention to secure the VATP license in accordance with the new crypto framework implemented by the Securities and Futures Commission (SFC) of Hong Kong in June 2023.
The information was released on November 13, when OSL, one of the first cryptocurrency exchanges to obtain a Hong Kong crypto license, declared that stock market trading would be suspended. At the request of its operator, BC Technology, the exchange stopped trading OSL shares on the Stock Exchange in Hong Kong.
Industry insiders assert that there have been rumors circulating that Bitget has invested in or purchased the OSL business. Reportedly, OSL operator BC Technologies considered offering $1 billion Hong Kong dollars, or $128 million, in October for the sale of the OSL exchange.