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Bitget's Hong Kong Unit Halts Operations, Won't Apply for Crypto License

Crypto exchange Bitget's Hong Kong unit will halt operations on Dec. 13 after deciding not to apply for a local crypto license, the firm announced Monday. BitgetX HK started up in April for spot trading and peer-to-peer (P2P) transfers, but users will be allowed only to withdraw assets from now until the platform shuts down in December. It no longer intends to apply for a Hong Kong crypto license, according to the announcement. Hong Kong in June opened a new licensing regime for crypto asset service providers that also allowed for retail trading. Crypto firms like Hashkey and SEBA recently obtained approval under the new SFC regime.

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