BitgetX, the Hong Kong branch of the Bitget cryptocurrency exchange, was forced to close and exit the market after failing to apply for an operating license for half a year.
Bitget Hong Kong closed after unsuccessful license applications.
The cryptocurrency exchange platform Bitget’s Hong Kong branch, BitgetX, declared it was giving up on its intention to apply for a virtual asset trading platform (VATP) license and was leaving the market because of problems with its business arrangement.
As the exchange will formally close on December 13, 2023, users must withdraw all of their investments from BitgetX before the above deadline in order to safeguard their digital assets. At this time, only the ability to withdraw assets will be accessible to users; they will no longer be able to open new accounts or trade cryptocurrencies on the exchange.
According to the exchange, BitgetX will operate from April 2023 with spot and P2P services. However, this branch only has access to forwarding user trading orders to Bitget Global because it does not yet possess a VATP license.
According to the company, its main reasoning is that “considering the business and market situation, it has decided not to continue pursuing a VATP license in Hong Kong…The domain name ‘Bitgetx.hk’ will be permanently discontinued after December 13, 2023.”
However, according to Wu Blockchain sources, Bitget might be discussing purchasing the OSL, which would explain why trading has been suspended on the platform “due to important internal information”.
Even with BitgetX’s exit, Hong Kong continues to make significant progress in the field of digital assets. HashKey, OSL, SEBA Bank, and UBS Hong Kong are among the cryptocurrency companies that have received licenses from the Hong Kong Securities and Derivatives Commission (SFC). The administration of Hong Kong also formed a web3 task force and proposed introducing stablecoins to compete with USDT and USDC.
Recognizing the potential of the Hong Kong market, Binance-owned rumor exchange HKVAEX is also in the process of applying for an operating license.
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