BitgetX, the Hong Kong division of Bitget, has made a surprising announcement stating that it will not be applying for a Virtual Asset Trading Platform (VATP) license in Hong Kong. Despite operating in the region for the past seven months, BitgetX has decided to immediately cease all trading activities and shut down its operations by December 13th. This unexpected move has left the crypto community and its users shocked.
In a statement released on November 13th, BitgetX cited “business and market-related considerations” as the reason behind their decision not to pursue the VATP license. The lack of an in-depth explanation has left many wondering about the true motives behind this sudden shut down. Additionally, Bitget has remained silent, failing to provide any further commentary on the matter.
Despite the impending closure, BitgetX has assured its users that they will still be able to withdraw their assets before the website becomes inactive in December. This temporary relief serves as a small consolation for the users who have put their trust and investments in BitgetX. However, the closure of BitgetX leaves users with limited opportunities for trading on a reputable and trusted platform in Hong Kong.
Compliance Efforts Gone to Waste
This decision comes as a surprise considering Bitget’s initial launch of the BitgetX platform was seen as a way to comply with the regulatory demands of the authorities in Hong Kong. By choosing not to apply for the VATP license, Bitget is essentially disregarding the regulatory framework and potentially putting its users at risk. This raises concerns about the overall legitimacy and trustworthiness of Bitget as a cryptocurrency exchange.
Bitget is known as one of the largest crypto exchanges, boasting a user base of over 20 million individuals. Its sudden withdrawal from the Hong Kong market is sending shockwaves throughout the crypto community. The closure of BitgetX will undoubtedly have an impact on the trading volume and liquidity of cryptocurrencies in the region, leaving traders and investors with limited options for conducting their transactions.
The Future of Bitget
With the closure of BitgetX, the future of Bitget in Hong Kong remains uncertain. It is unclear whether Bitget plans to make a comeback in the region or if this marks the end of its operations there. The lack of transparency and communication from Bitget raises questions about the company’s intentions and long-term plans for expansion.
BitgetX’s decision to shut down its operations in Hong Kong without applying for a VATP license has left the crypto community puzzled and concerned. The lack of transparency and explanation behind this move raises doubts about the trustworthiness and compliance efforts of Bitget. This unexpected closure will undoubtedly have repercussions on the crypto market in Hong Kong and leaves users searching for alternative platforms to meet their trading needs. As Bitget remains silent, it is unclear what the future holds for the company and its operations in the region.
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