Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations.

Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023.

As Bitget decided not to apply for a VATP license, the firm will have to permanently withdraw from the Hong Kong market, the announcement notes.

The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the statement noted.

This is a developing story, and further information will be added as it becomes available.