BitgetX HK to Shut Down Hong Kong Operations by End of 2023

Bitget is closing its unit in Hong Kong. BitgetX HK, which started operations in April, will cease its operations on December 13, 2023.

Crypto exchange Bitget has decided to cease its Hong Kong operations. BitgetX HK started providing services for spot trading and P2P transfers in April. Bitget announced that BitgetX HK will cease its operations as of December 13, 2023. With this decision, Bitget also announced that it has abandoned its plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong.

The company decided not to apply for a VATP license in Hong Kong, citing business and market-related issues. Therefore, Bitget will have to completely withdraw from the Hong Kong market. The exchange warned its users to withdraw their crypto assets from BitgetX before December 13.

In June, Hong Kong introduced a new licensing process for crypto asset service providers that also allows individual trading. In this context, crypto companies such as Hashkey and SEBA received approval from the Securities and Futures Commission (SFC).

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