Reporter
Published: November 15, 2023
- The choice was made mentioning “organization and market-related factors to consider.”
- Reports of Bitget obtaining or purchasing OSL were doing the rounds in the market.
Cryptocurrency exchange Bitget chose versus looking for a Virtual Asset Trading Platform (VATP) license in Hong Kong. This license is an obligatory requirement for companies aiming to use crypto trading in the area.
Therefore, Bitget will stop operations of its Hong Kong arm, BitgetX, beginning on the 13th of December, and leave the Hong Kong market, the main statement read.
Bitget closes down operations in Hong Kong
Bitget advised all BitgetX users to withdraw their crypto funds within the due date, or they would be locked out. Trading would stay suspended on the platform and just withdrawals would be enabled.
Bitget likewise stated that it would decline brand-new users on the platform moving forward.
The Seychelles-headquartered business associated the choice to “organization and market-related factors to consider.”
Bitget’s exit comes in the middle of the rush of crypto business to get accredited in the unique administrative area, following the freshly developed regulative structure for digital possession trading platforms.
Formerly limited to institutional financiers, the brand-new standards permitted trading platforms to serve the public.
Are the reports real?
Since this writing, simply 2 platforms, OSL and HashKey, were given approval to run, according to main information.
Surprisingly, reports of Bitget getting or buying OSL were doing the rounds in the market. There was no strong proof at press time to support the speculations.
Bitget was the fourteenth-largest crypto exchange worldwide in the last 24 hours, clocking area volumes of $1.2 billion, according to CoinGecko.
The exchange was just recently in the news due to a conflict with the meme coin task Floki [FLOKI]The debate focused on the listing of Floki’s sis job, TOKEN, with both celebrations leveling severe claims versus each other.