Crypto firm BGX invests $90M in Hong Kong-regulated exchange OSL

6:36 pm
November 14, 2023

# Crypto firm BGX makes a $90 million investment in Hong Kong-regulated exchange OSL

**Summary:**
BGX, the company behind the BitgetX platform in Hong Kong, has announced a $90 million strategic investment in BC Technology, the parent company of OSL, a publicly listed crypto exchange trading on the Hong Kong Stock Exchange. This investment is expected to fuel mergers and acquisitions in the digital asset and blockchain sectors and enhance the digital asset platform technology. As a result, BitgetX will not pursue regulatory registration and licensing in Hong Kong and will halt operations by December 13.

BGX, the operator of the BitgetX platform in Hong Kong, is making a substantial investment of $90 million in BC Technology, the parent company of OSL, a publicly listed crypto exchange. This strategic move was disclosed in a press release by BC Technology on November 14. The $90 million investment involves a subscription for shares in the OSL parent company to the tune of approximately HK$710 million.

According to Patrick Pan, CEO of BGX, this investment reflects their belief in the immense potential of the digital asset market. The strategic subscription for shares is subject to approval from the BC Technology shareholders.

On the other hand, BitgetX, the Hong Kong crypto platform of BGX, has announced that it will not pursue regulatory registration and licensing in Hong Kong and will cease operations by December 13. This decision comes after OSL, a wholly-owned subsidiary of BC Technology, became the first digital assets exchange to receive regulatory approval from Hong Kong’s Securities and Futures Commission (SFC).

The price of Bitget Token (BGB) surged after these announcements, reaching an all-time high of $0.58.

**FAQ:**

Q: What is the significance of BGX’s investment in OSL?
A: BGX’s investment in OSL will fuel mergers and acquisitions in the digital asset and blockchain sectors, enhance the digital asset platform technology, and support the capital needs of OSL.

Q: Why is BitgetX halting its operations?
A: BitgetX has decided to halt its operations as it will not pursue a license from the Securities and Futures Commission (SFC) in Hong Kong.

Q: What effect did the announcements have on the price of Bitget Token?
A: Following the announcements, the price of Bitget Token (BGB) rose sharply, reaching an all-time high of $0.58.


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