Bitget subsidiary BitgetX closes operations, opts out of Hong Kong crypto market

Bitget’s Hong Kong division, BitgetX, has determined to not apply for a Digital Asset Buying and selling Platform (VATP) license in Hong Kong regardless of working within the area inside the final seven months.

In a Nov. 13 assertion, the trade mentioned BitgetX is straight away ceasing all buying and selling actions and can shut all its operations by Dec. 13. Nevertheless, the platform customers can nonetheless withdraw their property earlier than the BitgetX web site turns into inactive in December.

“It’s with a heavy coronary heart that we inform you that because of enterprise and market-related issues, we have now determined to not apply for a Digital Asset Buying and selling Platform (VATP) license in Hong Kong,” a part of the assertion reads. “The BitgetX web site (www.BitgetX.hk) will stop operations from Dec. 13, 2023. On the identical time, Bitgetx.hk will completely withdraw from the Hong Kong market.”

In the meantime, this transfer comes as a shock, contemplating Bitget had launched the BitgetX platform as a part of its efforts to adjust to the regulatory calls for of the authorities in Hong Kong.

Bitget had but to reply to StarCrypto’s request for extra commentary as of press time.

Bitget is without doubt one of the largest crypto exchanges, with over 20 million customers. The platform recorded a spot buying and selling quantity of $1.3 billion over the last 24 hours, in response to CoinMarketCap knowledge.

Hong Kong continues pro-crypto efforts.

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