BitgetX HK, which started operating in April, is withdrawing from Hong Kong. The cryptocurrency exchange will cease its operations on December 13. Meanwhile, ARK disposed of its GBTC share worth approximately $6 million. Elsewhere, Genesis and Three Arrows Capital reached an agreement. Bithumb is making a move to close the market share gap between it and its rival Upbit. In a recent development, DWF Labs has formed a partnership with Litentry (LIT).
cryptocurrency exchange bitget HK, stop your activities sleeping
The Hong Kong unit of cryptocurrency exchange Bitget has decided not to apply for a local crypto license. Accordingly, the stock exchange announced that it would cease its activities on December 13. BitgetX HK launched for spot trading and peer-to-peer (P2P) transfers in April. However, users will only be allowed to withdraw assets from now until the platform closes in December. According to the announcement, it no longer intends to apply for a Hong Kong crypto license. Stock Exchange officials made the following statement regarding the issue:
We regret to inform you that due to business and market-related issues, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong… At the same time, BitgetX.HK will be permanently withdrawn from the Hong Kong market.
Cathie Wood’s ARK is worth $6 million GBTC s threw
cryptokoin.com As you follow from , the leading cryptocurrency Bitcoin has recorded strong increases in recent weeks. In this environment, GBTC, a BTC investment tool, also rose by around 10% last week. ARK divested 201,047 GBTC shares from the Next Generation Internet ETF (ARKW). The shares were worth $6.03 million at Friday’s closing price. GBTC remains ARKW’s largest holding, with a 9.97% load worth approximately $132 million.
The sale followed smaller transactions totaling about $5.7 million over several days earlier in the week. GBTC shares rose nearly 10% last week from $27.35 to just under $30. The trust is up nearly 250% in 2023. Thus, it is approximately double the increase of Bitcoin (BTC), which is up approximately 123% this year.
Genesis and Three Arrows Capital reached an agreement
Bankrupt cryptocurrency lender Genesis has agreed to settle $1 billion claims by defunct crypto hedge fund Three Arrows Capital (3AC) with a payment of $33 million, according to court documents. The hedge fund’s June 2022 collapse was the first storm in a long crypto winter. Additionally, their arguments against Genesis cite transfers made before the lender’s own bankruptcy in January. The agreement follows “extensive negotiations” between the parties, as stated in a document dated November 9. In addition, Genesis wants the New York bankruptcy court to allow it to analyze the theses. The following issues are highlighted in the document:
The 3AC Debtor will receive a general unsecured claim against Genesis for full satisfaction of more than $1 billion in claims asserted against each of the Genesis Debtors in the amount of $33,000,000. The agreement will mutually relieve each other from liability.
Crypto money b Exchange Bithumb plans IPO
Cryptocurrency exchange Bithumb is planning to go public in its home country of South Korea. Thus, Bithumb aims to close the market share gap between it and its strong rival Upbit. Accordingly, the stock exchange aims to be listed on Kosdaq, the South Korean equivalent of Nasdaq. However, it is also open to initial public offering (IPO) on Kospi, the country’s main stock exchange. The exchange said, “We have selected Samsung Securities as our manager for the initial public offering. “We aim to realize the public offering in the second half of 2025,” he said.
The IPO will mark the first such listing by a Korean cryptocurrency exchange. There were reports in 2020 that Bithumb was considering a stake sale. But he rejected them at that time. Bithumb aims to increase its market share and close the gap with fellow exchange Upbit, which owns more than 80% of the South Korean market.
DWF Labs partners with Litentry
Giant investment company (VC) DWF Labs has partnered with the altcoin project Litentry (LIT). LIT is a project that is also on the list of Binance, the world’s largest cryptocurrency exchange. Litentry, betting affiliate announced from its official X account:
Litentry is excited to announce a game-changing partnership with DWFLabs, a global head of digital asset market making and Web3 investments. Together, we are ready to redefine decentralized identity governance and empower users to control their information in the Web3 era.
https://twitter.com/litentry/status/1724008669258666307
