Bitget’s Hong Kong division, BitgetX, has decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong despite operating in the region within the last seven months.
In a Nov. 13 statement, the exchange said BitgetX is immediately ceasing all trading activities and will shut all its operations by Dec. 13. However, the platform users can still withdraw their assets before the BitgetX website becomes inactive in December.
“It is with a heavy heart that we inform you that due to business and market-related considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong,” part of the statement reads. “The BitgetX website (www.BitgetX.hk) will cease operations from Dec. 13, 2023. At the same time, Bitgetx.hk will permanently withdraw from the Hong Kong market.”
Meanwhile, this move comes as a surprise, considering Bitget had launched the BitgetX platform as part of its efforts to comply with the regulatory demands of the authorities in Hong Kong.
Bitget had yet to respond to CryptoSlate’s request for additional commentary as of press time.
Bitget is one of the largest crypto exchanges, with over 20 million users. The platform recorded a spot trading volume of $1.3 billion during the last 24 hours, according to CoinMarketCap data.
Hong Kong continues pro-crypto efforts.
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