BitMart Withdraws Hong Kong VASP License Application

Cryptocurrency exchange BitMart has withdrawn its application for a virtual asset service provider (VASP) license in Hong Kong, halting its bid for formal regulatory approval in the territory.

The company did not give detailed reasons, but industry observers point to growing regulatory scrutiny and uncertainty in Hong Kong as likely factors behind the decision.

BitMart said it remains committed to compliance and providing a secure platform, while continuing to pursue business and licensing opportunities in other jurisdictions with clearer regulatory frameworks.

The move highlights the broader challenges exchanges face navigating evolving crypto rules and increased oversight from global regulators.