1 year ago
Bitget’s Hong Kong division, BitgetX, has decided not to use for a Virtual Asset Trading Platform (VATP) licence successful Hong Kong contempt operating successful the portion wrong the past 7 months.
In a Nov. 13 statement, the speech said BitgetX is instantly ceasing each trading activities and volition unopen each its operations by Dec. 13. However, the level users tin inactive retreat their assets earlier the BitgetX website becomes inactive successful December.
“It is with a dense bosom that we pass you that owed to concern and market-related considerations, we person decided not to use for a Virtual Asset Trading Platform (VATP) licence successful Hong Kong,” portion of the connection reads. “The BitgetX website (www.BitgetX.hk) volition cease operations from Dec. 13, 2023. At the aforesaid time, Bitgetx.hk volition permanently retreat from the Hong Kong market.”
Meanwhile, this determination comes arsenic a surprise, considering Bitget had launched the BitgetX level arsenic portion of its efforts to comply with the regulatory demands of the authorities successful Hong Kong.
Bitget had yet to respond to CryptoSlate’s petition for further commentary arsenic of property time.
Bitget is 1 of the largest crypto exchanges, with implicit 20 cardinal users. The level recorded a spot trading measurement of $1.3 cardinal during the past 24 hours, according to CoinMarketCap data.
Hong Kong continues pro-crypto efforts.
Local lawmaker Chiu Ta-kan has suggested Hong Kong’s inclusion of Bitcoin (BTC) purchases connected licensed exchanges successful Hong Kong’s concern migration programme is inactive unclear and needs further clarification, arsenic reported by a local media outlet.
This inaugural is portion of a broader strategy by the authorities to pull household offices and affluent individuals done a tax-friendly situation and imaginable migration benefits.
After an eight-year hiatus, the programme was reintroduced successful March, requiring concern of up to astir 30 cardinal yuan, $3.84 million. The extremity is to pull up to 200 household offices to Hong Kong by the extremity of 2025.
Disclaimer: Bitget is simply a CryptoSlate advertizing partner.
The station Bitget subsidiary BitgetX closes operations, opts retired of Hong Kong crypto market appeared archetypal connected CryptoSlate.
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