Crypto exchange Bitget pulls out of Hong Kong, stops pursuing licence, months after launching new platform

The operator of the 12th-largest crypto exchange said its Hong Kong platform BitgetX will shut down on December 13, citing ‘market-related considerations’

Bitget is one of a handful of exchanges to publicly declare an intention to get a Hong Kong crypto licence, a process beset by high compliance costs

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An advertisement for cryptocurrencies in Hong Kong on October 24, 2023. Photo: Bloomberg

Published: 6:00pm, 14 Nov 2023Updated: 12:50pm, 18 Mar 2025

Cryptocurrency exchange Bitget said that it will no longer pursue a licence in Hong Kong and will permanently back out of the city, just months after launching a platform to comply with local virtual asset regulations.

Bitget’s decision to drop preparations for a virtual asset trading platform (VATP) licence is the result of “business and market-related considerations”, the company said in a statement on Monday.

In April, the company launched a new platform specifically for Hong Kong users called BitgetX, which will now cease operations. Once it shuts down on December 13, Bitget will “permanently exit” the market, according to the company.

The 5-year-old, Singapore-based firm operates the 12th-largest cryptocurrency exchange in the world by 24-hour trading volume, according to CoinGecko.

Bitget is among several crypto exchanges to publicly announce an intention to get licensed in Hong Kong after the city made a high-profile push last year to embrace the virtual asset sector. The new mandatory licensing regime allows exchanges to serve retail investors in the city.