Cryptocurrency Trading Platform Bitget Drops Plans to Obtain VATP License in Hong Kong
Bitget, a major global cryptocurrency trading platform, has decided not to pursue a Virtual Asset Trading Platform (VATP) license in Hong Kong. The company’s Hong Kong division, BitgetX, will be ceasing operations by December 13, 2023.
The decision not to apply for the VATP license means that Bitget will have to permanently withdraw from the Hong Kong market. As a result, the company is encouraging users to withdraw their crypto assets from BitgetX before December 13. After this date, the BitgetX website will no longer be accessible.
Bitget has emphasized that users will only be able to make withdrawals from the platform, as trading and new user registrations have been suspended since November 13. This move comes as part of the company’s response to business and market-related considerations.
OSL Announces Stock Market Trading Suspension
In a related development, OSL, one of the first crypto exchanges to acquire a Hong Kong crypto license, announced the suspension of stock market trading on November 13. This decision came at the request of its operator, BC Technology.
Rumors have circulated about Bitget potentially acquiring or investing in OSL’s business. In October, OSL operator BC Technology reportedly considered selling the exchange for $1 billion Hong Kong dollars.
Hot Take: Shifts in Crypto Market
The decisions made by Bitget and OSL reflect the shifting dynamics within the cryptocurrency market. With regulatory changes and evolving business strategies, companies are adapting to new circumstances to ensure their sustainability and growth in the industry.
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