Bitget, a cryptocurrency exchange, announced on Monday that its Hong Kong branch will close on December 13 due to its decision not to submit an application for a local cryptocurrency licence.
BitgetX HK launched in April with the goal of facilitating peer-to-peer (P2P) transfers and spot trading. However, as of right now, users can only take assets out of the platform until it closes in December. The announcement stated that it will no longer be submitting an application for a crypto licence in Hong Kong.
“It is with a heavy heart that we inform you that due to business and market-related considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong . At the same time, Bitgetx.hk will permanently withdraw from the Hong Kong market,” the company announced.
Retail trading was also permitted under the new licencing system that Hong Kong introduced in June for providers of crypto asset services. A new Securities and Futures Commission (SFC) system has allowed cryptocurrency companies such as Hashkey and SEBA to receive approval.