Bitget drops plans to seek crypto license in Hong Kong

Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related issues.

Bitget officially announced on November 13 that its Hong Kong division, BitgetX, will cease operations through access to the BitgetX.hk domain until December 13, 2023.

As Bitgate decided not to apply for a VaTP license, the company had to permanently withdraw from the Hong Kong market, the announcement said.

The company strongly urges users to withdraw crypto assets from BitgetX before December 13. “After this date, the BitgetX website will no longer be accessible and you will no longer be able to manage or access your assets on BitgetX,” the statement said.

This is a developing story, and more information will be added as it becomes available.