# Bitget Abandons Plans for Crypto License in Hong Kong
Bitget, a prominent cryptocurrency exchange, has made the decision to cease operations and withdraw its application for a Virtual Asset Trading Platform (VATP) license in Hong Kong. The company’s Hong Kong unit will no longer pursue registration and all operations will come to a halt by December 13th. Users of the platform have been advised to withdraw their funds before the indicated deadline to avoid any disruptions.
The decision to halt operations and abort the pursuit of a license comes amidst speculation about a potential deal with OSL, the first licensed crypto exchange in Hong Kong. OSL recently announced the suspension of its stock trading, leading to rumors about a possible acquisition or investment by Bitget. Additionally, the BC Technology Group, which owns OSL, notified the Hong Kong Stock Exchange of a “notifiable transaction which constitutes inside information.”
Bitget cited “business and market related considerations” as the basis for its decision, expressing regret in a public announcement. The company emphasized the importance of users withdrawing their assets before the deadline, as failure to do so would result in the inability to access these assets once the platform is closed.
The move by Bitget to withdraw from pursuing a license comes in the wake of Hong Kong’s new licensing framework for crypto entities, which was introduced in June. The framework mandated crypto providers to obtain licenses from the Securities and Futures Commission before offering trading services and products to retail customers.
It is important to note that Bitget unveiled its Hong Kong unit earlier this year, providing spot trading and peer-to-peer transactions to customers prior to the rollout of the new licensing requirements.
**Q: Why is Bitget halting its operations in Hong Kong?**
A: Bitget has decided to cease operations in Hong Kong due to “business and market related considerations.”
**Q: What should Bitget users do before the deadline?**
A: Users are advised to withdraw their assets before the December 13th deadline to avoid any disruptions.
**Q: What prompted the decision to abandon the pursuit of a crypto license in Hong Kong?**
A: Bitget’s decision comes amid rumors of a potential deal with OSL, the first licensed crypto exchange in Hong Kong, and after the BC Technology Group’s notification to the Hong Kong Stock Exchange.
**Q: What are Hong Kong’s new licensing requirements for crypto providers?**
A: The new requirements mandate crypto providers to seek and receive licenses from the Securities and Futures Commission before offering trading services and products to retail customers.
**Q: What services did Bitget’s Hong Kong unit offer before the decision to halt operations?**
A: Bitget’s Hong Kong unit provided access to spot trading and peer-to-peer (P2P) transactions to its customers prior to the announcement.
**Q: What are the implications if Bitget users fail to withdraw their assets before the deadline?**
A: Failure to withdraw assets before the deadline will result in the inability to access these assets once BitgetX is closed.