BitgetX HK, which launched in April, will withdraw from Hong Kong and will cease operations on December 4.
The Hong Kong subsidiary of cryptocurrency exchange Bitget announced on Monday that it will cease operations on December 12 after deciding not to apply for a local cryptocurrency license.
BitgetX HK was launched in April, offering spot trading and peer-to-peer (P4P) transfers, but from now on, until the platform shuts down in December, users will only be able to withdraw assets. According to the announcement, the company no longer intends to apply for a Hong Kong cryptocurrency license.
“It is with a heavy heart that we inform you that due to business and market-related considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong... At the same time, Bitgetx.hk will permanently withdraw from the Hong Kong market,” the company said.
Hong Kong opened a new licensing regime for crypto asset service providers in June, which also allows retail trading. Cryptocurrency firms such as Hashkey and SEBA have recently received approval under the new Securities and Futures Commission (SFC) regime.