Bitget, a crypto exchange and Web3 company, suddenly dropped its plans to obtain a crypto license in Hong Kong. Moreover, rather than working more on its business in the region, it halted operations in the country to exit from the market.

Bitget also informed its users in Hong Kong to withdraw their cryptocurrencies and digital assets as its business is shutting down. The firm only launched BitgetX HK in April and now it decided to withdraw and no longer getting a license to offer its crypto services in the region.

Closing Date of Its Business

As per CoinTelegraph, Bitget formally announced on Monday, Nov. 13, that its Hong Kong unit named BitgetX is shutting and operations will completely stop on Dec. 13. Its application for a Virtual Asset Trading Platform (VATP) license will not push through as a result of its decision to permanently exit from the Hong Kong market.

It was reported that the crypto exchange cited business and market-related considerations as the reason for its decision to withdraw. In its reminder to users, Bitget advised them to withdraw their assets as soon as possible and trading on the platform has already stopped.

“After this date (Dec. 13), the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the firm said.

BitgetX’s Arrival in Hong Kong

CoinDesk noted that BitgetX HK started its operations for spot trading and peer-to-peer (P2P) transfers in April. It initially planned to expand its services after it acquired its VATP license but plans have ultimately changed in the seven months of its presence in the country.

"It is with a heavy heart 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,” the publication quoted Bitget as saying in its announcement. “At the same time, Bitgetx.hk will permanently withdraw from the Hong Kong market.”

Photo by: Bitget Media Kit