Cryptocurrency trading platform Bitget has dropped plans to acquire a Digital Asset Buying and selling Platform (VATP) license in Hong Kong, citing enterprise and market-related issues.
Bitget formally introduced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the area BitgetX.hk, will stop operations by Dec. 13, 2023.
As Bitget determined to not apply for a VATP license, the agency must completely withdraw from the Hong Kong market, the announcement notes.
The corporate has strongly inspired customers to withdraw crypto property from BitgetX earlier than Dec. 13. “After this date, the BitgetX website will now not be accessible and also you won’t be able to handle or entry your property on BitgetX,” the assertion famous.
Bitget emphasised that customers won’t be able to commerce their property on the platform instantly as solely withdrawals might be out there. The trade can even cease accepting new customers ranging from Nov. 13, the announcement stated.
Launched in 2018, Bitget is a significant world crypto trade, trading almost a million in crypto per day, in keeping with knowledge from CoinGecko. The trade’s Hong Kong division has repeatedly reiterated its dedication to acquire the VATP license in compliance with Hong Kong’s Securities and Futures Commission’s new crypto framework, which entered into drive in June 2023.
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The information got here as OSL, one of many first crypto exchanges to accumulate a Hong Kong crypto license, introduced the suspension of inventory market trading on Nov. 13. The trade halted trading OSL shares on the Inventory Change of Hong Kong on the request of its operator, BC Expertise.
In accordance with business sources, there was a rumor that Bitget has acquired or invested within the OSL enterprise. In October, OSL operator BC Expertise reportedly thought of promoting the OSL trade for $1 billion Hong Kong {dollars}, or $128 million.
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