Bitget’s Hong Kong division, BitgetX, has decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong, despite operating in the region for the past seven months.
In a statement on November 13, the exchange said that BitgetX will immediately cease all trading activities and close all its operations by December 13. However, the platform users can still withdraw their assets before the BitgetX website becomes inactive in December.
“It is with heavy hearts that we inform you that due to business and market-related considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong,” read part of the statement. “The BitgetX website (www.BitgetX.hk) will no longer be active from December 13, 2023. At the same time, Bitgetx.hk will permanently withdraw from the Hong Kong market.”
Meanwhile, this move comes as a surprise as Bitget has launched the BitgetX platform as part of its efforts to comply with the regulatory requirements of Hong Kong authorities.
Bitget had not yet responded Crypto Slates requesting additional comment as of press time.
Bitget is one of the largest crypto exchanges, with over 20 million users. According to data from CoinMarketCap, the platform recorded a spot trading volume of $1.3 billion in the past 24 hours.
Hong Kong continues its pro-crypto efforts.
Local MP Chiu Ta-kan has suggested that the inclusion of Bitcoin (BTC) purchases on recognized exchanges in Hong Kong’s investment immigration program is still unclear and needs further clarification, as reported by a local media outlet.
This initiative is part of a broader strategy by the authorities to attract family offices and wealthy individuals through a tax-friendly environment and potential immigration benefits.
After an eight-year hiatus, the program was reintroduced in March, requiring investments of up to about 30 million yuan, or $3.84 million. The aim is to bring a maximum of 200 family offices to Hong Kong by the end of 2025.
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