Bitgetx Drops Pursuit of Trading License
The Hong Kong division of Bitget, a Singapore-based cryptocurrency exchange, announced on Nov. 13 that it is no longer seeking a Virtual Asset Trading Platform (VATP) license to operate in the region. As a result, its Hong Kong website will cease operations and permanently exit the region on Dec. 13.
Users from the region are advised to remove their assets before the deadline, as failure to do so will result in permanent loss of access. Bitgetx also stated that no new users will be accepted and no trading of assets will be permitted until the closure.
The exchange apologized for any inconvenience caused by this decision and assured users that its customer support team is available to assist with any queries or concerns regarding the closure and asset transfer.
Rumored Acquisition of OSL
Colin Wu, an Asian blockchain and crypto journalist, suggested on X (formerly Twitter) that Bitgetx’s decision not to seek the VATP license could be connected to Bitget’s rumored acquisition of OSL, a licensed Hong Kong exchange. OSL announced the suspension of trading on the Hong Kong stock exchange on Nov. 13, citing a notifiable transaction constituting inside information.
Hot Take
Bitgetx’s decision to forego a trading license in Hong Kong and exit the region may be linked to rumors of its acquisition of OSL. This move has implications for the crypto industry in Asia and could signal significant changes in the market.
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