In a shocking turn of events, BitgetX, the Hong Kong division of Bitget, has made the decision to not apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong, despite having operated in the region for the past seven months. The exchange, in a statement released on November 13, revealed that it will be ceasing all trading activities immediately and will completely shut down by December 13. This unexpected move has left the cryptocurrency community in disbelief.
Although BitgetX is closing its doors, users of the platform can breathe a temporary sigh of relief as they will still be able to withdraw their assets until the website becomes inactive in December. However, this assurance doesn’t diminish the disappointment that many BitgetX users are feeling.
BitgetX’s statement mentioned that the choice not to apply for the VATP license in Hong Kong was made due to “business and market-related considerations.” The absence of further clarification from Bitget itself leaves users and the general public speculating about the specific reasons that led to this drastic action. It is difficult to comprehend why Bitget, as one of the largest crypto exchanges with over 20 million users, would suddenly decide to withdraw from the Hong Kong market.
This unexpected decision by BitgetX is particularly surprising because the platform was initially launched as a response to regulatory demands imposed by Hong Kong authorities. Compliance with regulations is a crucial aspect of operating a cryptocurrency exchange, and it is alarming that BitgetX has chosen to go against this requirement.
Bitget’s silence and unavailability for comment has sparked concern and raised suspicions within the cryptocurrency community. As of press time, they had not responded to requests for additional commentary. The sudden departure of BitgetX from the market has left investors and traders with many unanswered questions.
The closure of BitgetX in Hong Kong is undoubtedly a disappointment for users and the cryptocurrency community as a whole. The lack of transparency surrounding Bitget’s reasons for this decision only adds to the confusion and frustration experienced by those affected. As the platform winds down its operations, it remains uncertain what the future holds for Bitget and its users.