Bitget faces regulatory heat in Australia over unlicensed 125x crypto futures

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.