Bitget drops plans to seek crypto license in Hong Kong

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Cryptocurrency buying and selling platform Bitget has dropped plans to acquire a Digital Asset Buying and selling Platform (VATP) license in Hong Kong, citing enterprise and market-related concerns.

Bitget formally announced 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 belongings from BitgetX earlier than Dec. 13. “After this date, the BitgetX web site will not be accessible and also you won’t be able to handle or entry your belongings on BitgetX,” the assertion famous.

This can be a growing story, and additional info will likely be added because it turns into accessible.