Bitget, a well-known crypto exchange, has lately been experiencing some issues in its operations within the Hong Kong jurisdiction. Recently, the Hong Kong SFC has issued a public warning against the companies operating under the umbrella of “Bitget Pro” and “CBEX Group” and Bitget has reacted to it. The financial regulatory agency is targeting the platform out of suspicious fraudulent operations concerning virtual assets.
We noticed an announcement from Hong Kong SFC today, warning the public of entities operating under the names of “CBEX Group” and “Bitget Pro” for suspected virtual asset-related fraudulent activities.
We would like to clarify that "Bitget Pro" is a scam that impersonates the…
— Bitget (@bitgetglobal) April 23, 2024
Bitget Asserts Its Complete Withdrawal from Hong Kong in Response to SFC’s Public Warning
To express its reaction to the respective warning, the crypto exchange took to its official account on X. In a comprehensive post, the crypto company discussed the entire matter along with the provision clarification on its part. The platform noted that “Bitget Pro” does not have anything to do with the Bitget. Rather, it added, the project operates as a scam and impersonates the brand name of the crypto exchange.
In addition to this, the platform urged the people to perform due diligence and be careful in this respect. As per Bitget, individuals should exercise caution while dealing with a virtual-asset service-providing forum. Additionally, it warned the public concerning all types of apps and websites that organize phishing scams. To avoid any inconveniences like this, the crypto company advised people to download the official app of the company.
Crypto Exchange Claims It Strictly Abides by the Local Regulations and Laws
It revealed that the users can download it via the Google Play Store or Apple App Store. In response to the SFC’s caution, Bitget clarified that it strictly follows the regulations and laws in Hong Kong. It also disclosed that, in the case of offering investment services regarding virtual assets, it has withdrawn from the jurisdiction. This reportedly took place back in the last year when the crypto exchange announced its pull-back from pursuing a Hong Kong-based license.
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The company was reportedly pursuing a license for its Hong Kong forum “BitgetX.” Nevertheless, it ultimately withdrew from its endeavors to get a registration in the jurisdiction. Now, the company has claimed that consumers in Hong Kong cannot access its products and services anymore.