Bitget faces regulatory heat in Australia over unlicensed 125x crypto futures
Main Idea
Bitget faces regulatory scrutiny in Australia for offering unlicensed 125x leveraged crypto futures, exceeding the country's 2:1 limit, while continuing to expand globally despite regulatory challenges.
Key Points
1. The Australian Securities and Investments Commission (ASIC) has raised concerns about Bitget's 125:1 leveraged crypto futures, which exceed Australia's 2:1 limit.
2. Bitget added disclaimers to its site and app following ASIC's concerns but continues to offer the high-leverage product.
3. Bitget has faced regulatory scrutiny in multiple jurisdictions, including Germany, where authorities have taken actions such as website takedown requests.
4. Despite regulatory challenges, Bitget has expanded globally, recently receiving approval to operate in Georgia and surpassing 100 million registered users.
5. ASIC classifies crypto futures contracts as high-risk and warns investors to be cautious of platforms promoting such products.
Description
The Australian Securities and Investments Commission (ASIC) has issued a formal warning against Bitget for promoting and offering unlicensed crypto futures products with leverage as high as 125:1. While Bitget holds limited authorisation to operate as a crypto exchange in Australia, it is not licensed to provide financial services such as derivative trading. The regulator said the platform’s crypto futures offering breached local rules and posed significant risks to Australian investors by adver...
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