In an unexpected turn of events, the cryptocurrency exchange Bitget has opted to forgo its efforts to secure a Virtual Asset Trading Platform (VATP) license in Hong Kong. The company's local branch, BitgetX, which operates under the domain BitgetX.hk, is set to halt its operations on December 13, 2023.

The decision was announced today, with Bitget attributing it to various business and market factors, leading to the conclusion not to pursue the VATP license in Hong Kong. Consequently, Bitget will be permanently exiting the Hong Kong market. Proactively, Bitget has advised its customers to withdraw their cryptocurrency holdings from BitgetX prior to the closure date of December 13.

The company stressed the urgency of completing these withdrawals before the deadline, warning that after December 13, the BitgetX website will become inaccessible, preventing users from managing or accessing their assets on the platform.

Bitget's decision to back out from obtaining a cryptocurrency license in Hong Kong may raise concerns about the changing regulatory landscape in the area. This move is likely to ignite further discussions within the cryptocurrency community regarding the challenges faced by exchanges in adhering to regulatory standards and the complexities involved.