Bitget Abandons VATP License Pursuit and Prepares to Leave Hong Kong Market
Summary:
Bitget, a cryptocurrency trading platform, has abandoned the process to secure a Virtual Asset Trading Platform (VATP) license in Hong Kong due to market and business conditions. Its Hong Kong division, BitgetX, will halt operations by December 13, 2023. As the company has decided not to pursue a VATP license, it will fully exit the Hong Kong market. Bitget is advising users to move their crypto assets from BitgetX before it becomes inaccessible. The story is currently developing.
Bitget, a platform for cryptocurrency trading, has abandoned its attempt to procure a Virtual Asset Trading Platform (VATP) license within Hong Kong, referencing business and market factors as the major contributing factors. On November 13, Bitget formally revealed that their Hong Kong affiliate, BitgetX, found at the web domain BitgetX.hk, are set to halt operations by December 13, 2023. Following the decision to renounce the VATP license application, the firm will be compelled to withdraw entirely from the Hong Kong market, as stated in the company's recent update. Bitget is urging all users to transfer their digital assets out of BitgetX before the campaign closes on December 13. The company cautioned that users will no longer have the ability to access or control their assets on BitgetX after this date as the BitgetX site will become inaccessible. The story is ongoing, and updates will be provided as more details emerge.
Published At
11/13/2023 10:59:41 AM
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