April

<div class="coinjournal">
 <ul>
 <li dir="ltr">Bitget announced that it will halt operations for its Hong Kong unit by December 13.</li>
 <li dir="ltr">The crypto exchange said the decision is down to “business and market related considerations.”</li>
 <li dir="ltr">Users have until then to withdraw their funds.</li>
 </ul>
 Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.
 The crypto exchange will also be halting all operations on December 13.
 <h2 dir="ltr" id="bitget-halts-hong-kong-unit">Bitget halts Hong Kong unit</h2>
 Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.
 According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday.&nbsp;
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 BitgetX hk announced its decision not to apply for a compliant <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange license in Hong Kong. Market rumors that Bitget has acquired or invested in Hong Kong’s first licensed exchange, OSL. OSL announced today that it would suspend trading due to major matters.…
 — Wu Blockchain (@WuBlockchain) November 13, 2023
 </blockquote>
 
 A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”
 Bitget on the other hand pointed to “business and market related considerations.”
 “With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) <a rel="noopener noreferrer nofollow" title="licence" href="https://thebittimes.com/tag/licence.html">licence</a> in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange wrote.
 According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.
 “It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.
 <h2 dir="ltr" id="hong-kong-s-new-crypto-licensing-framework">Hong Kong’s new crypto licensing framework</h2>
 Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.
 The new requirements mandated <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> providers to seek and receive <a rel="noopener noreferrer nofollow" title="licence" href="https://thebittimes.com/tag/licence.html">licence</a>s from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.
 
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitget-halts-plans-for-crypto-licence-in-hong-kong-tbt70093.html">https://thebittimes.com/bitget-halts-plans-for-crypto-licence-in-hong-kong-tbt70093.html</a>

Bitget halts plans for crypto licence in Hong Kong

Table of Contents

TheBitTimes

Other articles published on Nov 13, 2023

Bitcoin nears Berkshire’s value despite Buffett’s critique

Significant Decrease in the Number of Dogecoin Millionaires

Bitcoin and Ethereum Margined Futures Coming Soon to Cboe Digital

Crypto Theft through Fake Skype Application: How Hackers Stole Cryptocurrency

Spanish Regulator Warns of Action on Fraudulent Crypto Promotions

Binance recovers $11.8M of $12.5M stolen in executive kidnap

Join our free newsletter for daily crypto updates!