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Singapore Crypto Exchange Eyes US Expansion After Registering With FinCEN
Singapore-based Bitget has registered with the U.S. Treasury Department as a money services business, the first step to launching operations in the country.
By Paddy Baker
Updated Sep 14, 2021, 8:23 a.m. Published Mar 30, 2020, 4:00 a.m.
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A crypto derivatives platform that has primarily focused servicing Asia is looking to set up shop in the U.S.
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Singapore-based Bitget said Friday it had registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business ahead of plans for a full-scale launch in the country.
Established in 2018, Bitget provides crypto trading services for retail and institutional investors. It started out as a spot exchange before pivoting into derivatives last summer, where it now averages around $1 billion a day in trading volume, according to a company spokesperson.
See also: FinCEN: Social Media Companies That Tokenize Must Follow the Law
Registering as an MSB is the first step to Bitget operating as a legitimate exchange, anywhere in the U.S, the spokesperson said. The company still needs state-level licensing to conduct most operations.
According to its MSB registration documents, Bitget's U.S. office is in Denver, Colorado.
Bitget has maintained a low profile in the West, but is "quite popular in the Chinese market," which makes up nearly two-thirds of its 800,000-strong client base, according to the spokesperson. The exchange has now begun offering English-language services.
The company has also set up offices in South Korea and Japan, with the Monetary Authority of Singapore (MAS) last month granting them from holding a license for digital payment token services.
See also: Binance CEO Says Crypto Exchange Has Applied for a Singapore License
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.
EDIT (April. 28, 10:00 UTC): This article has been updated to clarify Bitget's regulatory status in Singapore.
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