Bitget abandons application for Hong Kong license, rumored to have acquired licensed exchange OSL.

The cryptocurrency exchange Bitget announced its decision to abandon the application for a trading license in Hong Kong and declared its exit from the Hong Kong market.

Bitgetx Exits Hong Kong Market

Announcement states: "Due to business and market considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong. As a result of this decision, the Bitgetx website (www.Bitgetx.hk) will cease operations starting from December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market."

Rumor: Acquired Licensed Exchange OSL

One of the first cryptocurrency exchanges in Hong Kong to obtain a cryptocurrency license, OSL, operated by BC Technology, announced the suspension of stock market trading on November 13 according to a press release. Industry sources claim that Bitget has acquired or invested in OSL's business.

According to reports, under the listing rules of the Hong Kong Stock Exchange, companies must apply for a temporary trading halt or suspension prior to announcing major transaction events such as asset sales, acquisitions, or if sensitive material information has been leaked or believed to have been leaked.

However, BC Technology Group announced on 11/13 that it is selling 90% equity of Shanghai Jingwei Enterprise Development for 23 million RMB, which is primarily engaged in business park management and is expected to incur a loss of about 18.5 million RMB. BC Technology Group will continue to be suspended.

Update: Investing in the parent company of licensed exchange OSL in Hong Kong, Foresight VC, Bitgetx takes a step back to move forward

Bitget Exchange's BGB Token Hits All-Time High

The news of Bitgetx exiting the Hong Kong market has not impacted Bitget's BGB token, which has instead reached a historical high: