Bitget has officially announced that the Hong Kong division of BitgetX will cease operations effective December 13, 2023. Bitget’s announcement emphasizes that the decision was made after a comprehensive assessment of the feasibility of continuing to operate in the Hong Kong market.
Previously, the Hong Kong division of the BitgetX exchange has repeatedly confirmed its intention to obtain a VATP license and operate in accordance with the new requirements of the Securities and Futures Commission of Hong Kong (SFC).
Bitget’s unexpected refusal to obtain a license has raised concerns among the crypto community. How report Media, Bitget’s decision has sparked debate about the insurmountable challenges that crypto industry players face in complying with new regulations proposed by the SFC.
“The closure of BitgetX is a setback for the Hong Kong cryptocurrency market. BitgetX was one of the largest cryptocurrency exchanges operating in the region. Its closure will reduce the number of options available to investors who want to trade cryptocurrencies in Hong Kong.” consider experts.
Let us recall that at the beginning of the year, the Hong Kong Securities and Futures Commission announced the recruitment of additional specialists to “assess potential risks and strengthen controls” of virtual asset service providers.
Source: Bits
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