Unlicensed Crypto Futures: ASIC’s Urgent Warning to Bitget Reveals Extreme Dangers

Key Points

1. ASIC warns that Bitget and its parent company, BTG Technology Holdings, are offering unlicensed crypto futures with high leverage (125:1), posing significant risks to investors.

2. Unlicensed crypto futures are risky due to high leverage, which can amplify both gains and losses, often leading to rapid capital depletion.

3. ASIC emphasizes the importance of an AFS license, which ensures financial service providers meet regulatory standards and protect investors.

4. Investors can verify a platform's licensing status by checking ASIC’s Professional Registers to avoid unregulated and potentially risky platforms.

5. ASIC's warning is part of a broader effort to protect retail investors from high-risk, unregulated financial products in the volatile crypto market.