ASIC Warns Australians Against Bitget’s “Unlicensed” Crypto Futures Offerings
Main Idea
ASIC warns Australians against Bitget’s unlicensed crypto futures offerings, which provide high leverage without proper authorization, posing significant risks to investors.
Key Points
1. Bitget has been offering crypto futures products with 125:1 leverage without an Australian Financial Services (AFS) license.
2. ASIC states that Bitget’s high-leverage products are risky and warns investors of potential significant losses.
3. Bitget is permitted to offer crypto exchange and custodial wallet services in Australia but not unlicensed futures trading.
4. Bitget has faced regulatory warnings from multiple countries, including Germany, Canada, France, Cyprus, Malaysia, Spain, and Japan.
5. ASIC has set a maximum leverage limit of 2:1 for crypto derivative products, contrasting with Bitget’s high-leverage offerings.
Description
The Australian regulator has issued a warning against crypto exchange Bitget for offering “unlicensed crypto futures products.” The Australian Securities and Investments Commission (ASIC) said Monday that Bitget has been offering crypto futures products with 125:1 leverage without obtaining an Australian Financial Services (AFS) license. The product was advertised as “crypto futures trading,” luring Australians to download it via its website and mobile app. “Bitget’s futures products are high-ri...
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