ASIC Warns Bitget Over Unlicensed Cryptocurrency Futures

The Australian Securities and Investments Commission has issued a warning to Bitget, highlighting their offering of unlicensed crypto futures to Australian customers. This action underscores ASIC’s ongoing scrutiny of financial products without proper local authorization.

BTG Technology Holdings Limited, operating as Bitget, was specifically named by the regulatory authority for distributing these unlicensed services. The warning indicates that Bitget lacks an Australian Financial Services licence, a key prerequisite for operating within Australia.

No immediate market disruption has been noted, although traders speculate on potential service suspensions. Historically, warnings from ASIC have prompted service adjustments. Bitget has yet to publicly respond, leaving its Australian users uncertain about future service access.

Historical data indicates that warnings like these, from regulatory bodies, have led to temporary or permanent trading halts in affected regions. Bitget’s recent publication of a Proof-of-Reserves suggests efforts to maintain confidence amid regulatory scrutiny.

Regulatory warnings have become commonplace, with past examples like Binance and Bybit facing similar issues. Emphasis remains on the necessity of compliance with local financial regulations, where non-compliance often leads to temporary service interruptions.

Industry experts, such as Kanalcoin, suggest that the impact on Bitget’s service in Australia may be mirrored in past cases. These assertions are grounded in both historical precedence and the current regulatory environment facing global exchanges. ASIC – “Derivatives providers must hold an AFS licence; customers of unlicensed and unregulated platforms may have no recourse if things go wrong.”