Singapore crypto exchange registers with FinCEN to expand to US

Monday 30 March 2020 07:54 CET | News

Bitget, a Singapore-based crypto derivatives platform, had registered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business.

The company provides crypto trading services for retail and institutional investors. It started out as a spot exchange before pivoting into derivatives in 2019, where it now averages around USD 1 billion a day in trading volume, Coin Desk cited a company spokesperson.

Bitget, launched in 2018, was initially focusing on serving the Asian market, with nearly two-thirds of its 800,000-strong client base in China, according to the spokesperson. The exchange has now begun offering English-language services.

However now it plans for a full-scale launch in the US. Still, the company still needs state-level licensing to conduct most operations. The company has also set up offices in South Korea and Japan, and in February 2020 received a license exemption from the Monetary Authority of Singapore (MAS) to operate as a virtual currency service provider, without further regulatory approval, until the end of August 2020.

Bitget is working on becoming a fully licensed entity in Singapore. The exchange said it also has plans to apply for a permit to operate in the European Union.
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Keywords: Bitget, crypto exchange, Singapore, cryptocurrency, FinCEN, US, derivatives, FX
Categories: DeFi & Crypto & Web3
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3