{"id":64357,"date":"2023-11-13T11:10:29","date_gmt":"2023-11-13T15:10:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=64357"},"modified":"2023-11-13T11:10:56","modified_gmt":"2023-11-13T15:10:56","slug":"bitget-abandons-pursuit-of-hong-kong-crypto-license","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitget-abandons-pursuit-of-hong-kong-crypto-license\/","title":{"rendered":"Bitget Abandons Pursuit of Hong Kong Crypto License"},"content":{"rendered":"\n

Bitget's decision to resign from the Hong Kong crypto\u00a0market\u00a0and abandon their pursuit of a VATP license <\/a>shakes the industry, urging users\u00a0to withdraw their funds by Dec 13.<\/p>\n\n\n\n

\"Bitget<\/figure>\n\n\n\n

Bitget has opted to discontinue its efforts\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to obtain a license in Hong Kong to operate a virtual asset trading platform (VATP).<\/p>\n\n\n\n

The crypto community is buzzing at Bitget's reevaluation of its market strategy in light of shifting business and market conditions, which is reflected in this decision.<\/p>\n\n\n\n

Strategic Shift at Bitget<\/h2>\n\n\n\n

Official confirmation of Bitget's strategic shift came on November 13, when the organization disclosed that BitgetX, its subsidiary located in Hong Kong, will terminate its activities on December 13, 2023.<\/p>\n\n\n\n

This action represents Bitget's withdrawal from the Hong Kong market, as the company is obligated to cease its regional operations due to the lack of a VATP license.<\/p>\n\n\n\n

As a result, BitgetX<\/a> has urged\u00a0users to withdraw their crypto assets before the specified deadline.<\/p>\n\n\n\n

The BitgetX website will be rendered inaccessible after December 13, preventing users from accessing or managing their assets on the platform.<\/p>\n\n\n\n

Notably, this announcement corresponds with an overarching pattern within the cryptocurrency sector, wherein regulatory landscapes are perpetually changing, requiring exchanges to adjust promptly.<\/p>\n\n\n\n

The fact that Bitget ceased operations and declined to apply for the VATP license highlights crypto exchanges' difficulties and complexities when navigating regulatory frameworks in various jurisdictions.<\/p>\n\n\n\n

Implications for the Market and Users<\/h2>\n\n\n\n

This development requires Bitget users to immediately redirect their attention towards withdrawing their assets, as trading operations have been discontinued, and only withdrawal operations remain functional.<\/p>\n\n\n\n

Moreover, since November 13, the exchange has ceased the acceptance of new users, thereby reiterating its dedication to a seamless and systematic withdrawal from the Hong Kong market<\/a>.<\/p>\n\n\n\n

Furthermore, this withdrawal occurs on the same day that OSL, an additional cryptocurrency exchange operating under a Hong Kong license, declared a halt to its stock market operations.<\/p>\n\n\n\n

This concurrent advancement introduces an additional level of complexity to the crypto market in Hong Kong, which may indicate a change in the regulatory and business environment of the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitget’s decision to resign from the Hong Kong crypto\u00a0market\u00a0and abandon their pursuit of a VATP license shakes the industry, urging users\u00a0to withdraw their funds by Dec 13. Bitget has opted to discontinue its efforts to obtain a license in Hong Kong to operate a virtual asset trading platform (VATP). The crypto community is buzzing at Bitget’s […]<\/p>\n","protected":false},"author":56,"featured_media":64360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[1804,15138,1406,17177],"class_list":["post-64357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-bitget","tag-bitgetx","tag-crypto-exchange","tag-hong-kong-crypto-license"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/jpg_20221226_183627_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=64357"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/64360"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=64357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=64357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=64357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}