Singapore-based Crypto Exchange, Bitget, Plans to Expand Into US WIth FinCEN Registry
- The U.S crypto market has continued to attract major innovators within this space despite its strict stance and active oversight by regulators such as the SEC, IRS and the FED.
- Singapore based crypto exchange, Bitget, is the latest to make a move into this market following its registration as a money service business (MSB) with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
- Based on the MSB registration details, the firm’s offices in the U.S will be based in Denver, Colorado.
According to an announcement on March 28, this move is the first step in Bitget’s vision of operating all over the U.S as a legal crypto exchange. The company’s current niche in crypto is its trading services which include both spot and derivatives on underlying digital currencies. Barely two years old, Bitget averages a trading volume of $1 billion in a day and are optimistic that the West market will increase this significantly.
As it stands, Bitget’s operations are mainly based in Asia with China holding the larger share of its 800,000-customer base. Just recently, the firm was granted an exemption license by Singapore’s Monetary Authority for its services provision in virtual currencies. This is however only up to August as stakeholders forge way to obtain a full Singapore entity license for Bitget.
Notably, South Korea and Japan are the latest Bitget expansion markets; the crypto exchange set up shops in February 2020. With the U.S. FinCEN registration, Bitget is set to grow even bigger but only time can tell given the uncertain nature of crypto markets. The exchange had also earlier expressed an intention to obtain the E.U permit; if given they would have to comply with the 5AMLD.