Crypto Bitget Company Stops Operating In Hong Kong, Users Forced To Withdraw Funds

Bitget will stop operating in Hong Kong later this year. (Photo; Doc. Bitcoin Insider)

JAKARTA - Bitget, one of the world's leading crypto exchanges, has decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong. This shows a change in Bitget's market strategy in line with the dynamic development of crypto businesses and markets. As a result, Bitget will stop operations in Hong Kong on December 13, 2023.

The decision was announced by Bitget on November 13, 2023, stating that BitgetX, Hong Kong division, will stop operating on December 13, 2023. This means Bitget will leave the Hong Kong market, because without a VATP license, the company cannot continue its regional operations.

Therefore, the company has urged users to withdraw their crypto assets from BitgetX before the deadline. After December 13, the BitgetX website will not be accessible, so users cannot manage or access their assets on the platform.

Bitget's decision to stop operations and not apply for a VATP license underscores the complexity and challenges of crypto exchanges in following regulations in various jurisdictions. VATP licenses are a requirement imposed by Hong Kong Securities and Futures Commission (SFC) for crypto exchanges looking to operate in Hong Kong.

For Bitget users, this development means a direct shift in focus to their asset withdrawals, as trading activity has stopped, leaving only a workingwithdrawal feature. In addition, the exchange has stopped accepting new users since November 13, strengthening its commitment to exit smoothly and regularly from the Hong Kong market.