Crypto Exchange BitgetX HK to Cease Operations in Hong Kong, Declines Local License Application

Crypto Exchange BitgetX HK to Cease Operations in Hong Kong, Declines Local License Application

Crypto News – BitgetX HK, which commenced operations in April, has announced its decision to exit the Hong Kong market, effectively ceasing all operations on December 13th. This decision follows the crypto exchange’s choice not to pursue a local crypto license, as confirmed by the company on a Monday announcement.

Initially established in April to offer spot trading and peer-to-peer (P2P) asset transfers, BitgetX will now facilitate asset withdrawals exclusively until its impending closure in December. The company has formally abandoned any plans to seek authorization for a Hong Kong crypto license, as stated in their official announcement.

In their statement, BitgetX HK expressed regret, stating, “It is with a heavy heart that we inform you that, due to a combination of business and market-related considerations, we have opted not to pursue a Virtual Asset Trading Platform (VATP) license in Hong Kong. Concurrently, Bitgetx.hk will permanently withdraw from the Hong Kong market.”

Hong Kong introduced a new regulatory framework in June, providing licensing opportunities for crypto asset service providers, including provisions for retail trading. Notably, other crypto firms such as Hashkey and SEBA have successfully obtained approval under the new regulatory framework established by the Securities and Futures Commission (SFC).