In a surprising move, cryptocurrency trading platform Bitget has decided to backtrack on its plans to obtain a virtual asset trading platform (VATP) license in Hong Kong.

This strategic shift, officially announced on November 13, has left users and the crypto community perplexed, generating speculation about the reasons behind this decision.

Bitget's Hong Kong division, known as BitgetX, which used to be accessible through BitgetX.hk, will cease operations on December 13, 2023.

This cessation of operations occurs as a direct consequence of Bitget's renunciation of its VATP license application, which forces the company to completely withdraw from the Hong Kong market.

As the December 13 deadline approaches, Bitget is urging its users to withdraw their crypto assets from BitgetX. After that date, the BitgetX website will no longer be accessible, meaning users will not be able to manage or access their assets on the platform.

This urgency highlights the speed with which Bitget is implementing this decision and the importance of users taking immediate action.

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