Explore the recent announcement from Bitget's BitgetX HK about their Hong Kong market withdrawal.
Understand the evolving cryptocurrency landscape in Hong Kong, the challenges facing new and existing exchanges, and the importance of staying informed.
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BitgetX HK Announces Complete Withdrawal from Hong Kong
Cryptocurrency exchange Bitget's Hong Kong division, BitgetX HK, announced on November 13, 2023, that it has decided to abandon its efforts to acquire a Virtual Asset Trading Platform (VATP) license in Hong Kong and will withdraw from the Hong Kong market. BitgetX HK, established in April 2023, catered to the Hong Kong market, providing services for trading cryptocurrency assets such as Bitcoin (BTC) and Ethereum (ETH).
The company, considering market trends, has decided not to apply for the VATP license in Hong Kong. It has been stated that BitgetX's official website will cease operations on December 13, 2023, marking a permanent exit from the Hong Kong market.
The announcement also includes a warning that all users must withdraw their cryptocurrencies from BitgetX by December 13, 2023. After this date, access to the official website will no longer be available.
Furthermore, as of November 13, 2023, "cryptocurrency spot trading services" and "new registration acceptance" have ended, with only withdrawals currently possible.
The Evolving Cryptocurrency Landscape in Hong Kong
The influx of cryptocurrency-related businesses into the Hong Kong market is increasing. In August this year, cryptocurrency exchange HashKey Exchange acquired a license for its personal trading platform.
Last month, reports surfaced that BINANCE might apply for a license in Hong Kong through an exchange known as "HKVAEX."
While BitgetX HK has officially announced the termination of its services, other exchanges like BKEX continue to experience inaccessible websites without official announcements.
This underscores the importance of being aware of such issues and official statements when using global exchanges.
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