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Crypto exchange Bitget pulls out of Hong Kong, stops pursuing licence

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Crypto exchange Bitget pulls out of Hong Kong, stops pursuing licence

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.

High costs cloud Hong Kong’s crypto hub dream

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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.

When it launched BitgetX, the company said it was to comply with local rules by keeping the platform separate from its main website.

With its announcement on Monday, Bitget urged users to withdraw assets from the Hong Kong platform before it shutters.

The company did not immediately respond to a request for comment on the reasons behind the sudden exit, or on media reports claiming that it has taken a stake in the licensed Hong Kong crypto exchange OSL. OSL also did not immediately respond to a request for comment on Tuesday.

BC Technology Group, the Hong Kong-listed company that owns OSL, last month refuted a Bloomberg News report that it was exploring the sale of OSL for as much as HK$1 billion (US$137.3 million). In a filing to the Hong Kong stock exchange, it called the report “factually inaccurate and highly misleading”.
Bitget’s exit would mark another blow in Hong Kong’s bid to be a leading crypto hub. Courting the industry to the city is already facing several other challenges, including high regulatory compliance costs and damaged public trust in virtual assets following the financial scandal involving the crypto platform JPEX.
So far, just five companies have submitted virtual asset license applications to Hong Kong’s Securities and Futures Commission, a list the regulator recently started to publish in response to the JPEX scandal. All five are local companies, and few large international crypto platforms have publicly expressed interest in getting licensed in the city.
The new licensing scheme has so far mostly attracted interest from exchanges with ties to Hong Kong and China such as OKX and HTX. Binance, the world’s largest exchange that was founded in Shanghai in 2017, has not made any public comments about getting licensed, but it is behind the local HKVAEX exchange, which is pursuing a license, the Post previously reported.
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Crypto

ZIUM Launches to Revolutionize Instagram and Cryptocurrency Solutions

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ZIUM Launches to Revolutionize Instagram and Cryptocurrency Solutions

Zagreb, Croatia–(Newsfile Corp. – January 12, 2025) – ZIUM, a cutting-edge agency founded to tackle some of the most pressing challenges in social media and digital marketing, is now officially open for business. Specializing in Instagram username claims, account unbans, and cryptocurrency marketing, ZIUM has positioned itself as a trusted partner for individuals and businesses seeking innovative solutions in the digital age.

The agency operates at the intersection of technology, social media, and blockchain marketing, empowering clients to unlock their full potential online. With a dedicated team of experts and a results-driven approach, ZIUM is redefining the way people navigate the ever-changing online landscape.


ZIUM

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A New Era of Digital Problem Solving
ZIUM’s services address real-world challenges in today’s digital ecosystem. Instagram, one of the largest and most influential social platforms, has become a critical tool for personal branding, business promotion, and community engagement. However, issues such as unavailable usernames or unfair account suspensions can hinder growth and cause frustration. ZIUM steps in to provide solutions that are fast, efficient, and tailored to each client’s needs.

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Additionally, ZIUM excels in cryptocurrency marketing, offering projects and startups a strategic edge in the fast-paced blockchain industry. By combining deep knowledge of crypto trends with cutting-edge marketing strategies, the agency helps blockchain projects stand out in an increasingly crowded market.

Core Services Offered by ZIUM

  1. Instagram Username Claims
    In the crowded social media space, having the perfect Instagram username can make all the difference. Whether it’s for a brand, influencer, or business, ZIUM specializes in acquiring sought-after usernames to align with clients’ goals and identities. The agency handles the process from start to finish, ensuring a smooth and hassle-free experience.

  2. Instagram Account Unbans
    Account suspensions on Instagram can be devastating, especially for businesses and influencers relying on the platform for engagement and revenue. ZIUM offers expert account recovery services, helping clients navigate Instagram’s policies to regain access to their accounts quickly and effectively.

  3. Cryptocurrency Marketing
    The cryptocurrency space is highly competitive, and visibility is key. ZIUM provides end-to-end marketing strategies tailored to blockchain projects, ensuring they reach the right audience. From brand development to targeted campaigns, ZIUM helps crypto ventures grow and thrive in an ever-evolving market.

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Donald Trump Embraces Meme Coins—A Presidential First

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Donald Trump Embraces Meme Coins—A Presidential First

Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.

Trump: A Significant Crypto Portfolio

Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.

In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.

From Skepticism To Support

Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.

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Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.

BTC is currently trading at $94,144. Chart: TradingView

Implications For Regulation

Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.

Trump

Donald Trump. Image: Ronda Churchill/Reuters

The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.

Meme Coin Boom

The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.

Featured image from Fortanix, chart from TradingView

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Scammers steal $2 million in cryptocurrency from remote work seekers in New York, Florida 

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Scammers steal  million in cryptocurrency from remote work seekers in New York, Florida 

Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.

Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.

While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.

The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.

James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.

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“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”

Published By:

indiatodayglobal

Published On:

Jan 12, 2025

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