Analysis Today TheBitTimes.com

Crypto exchange Bitget has abandoned plans for a crypto license in Hong Kong, asking users to withdraw their assets by Dec. 13. Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023. As Bitget decided not to apply for a VATP license , the firm will have to permanently withdraw from the Hong Kong market, the announcement notes. The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the statement noted. This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/bitget...

According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. USD Coin (USDC) issuer Circle plans to use " corporate resources" to cover the shortfall on its reserves following Silicon Valley Bank's shutdown, said the company in a statement on March 11.  According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. The announcement came after the stablecoin lost its $1 peg on March 11 to trade as low as $0.87 before slowly re-pegging at $0.97 at the time of publication. The stablecoin lost its peg after the disclosure of $3.3 billion of Circle's reserve at Silicon Valley Bank. Sharing an Update on USDC and Silicon Valley Bank. https://t.co/Ug3qpot8sJ — Jeremy Allaire (@jerallaire) March 11, 2023 Silicon Vall...