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.

AccessTimeIconMar 30, 2020 at 4:00 a.m. UTC
Updated Sep 14, 2021 at 8:23 a.m. UTC

A crypto derivatives platform that has primarily focused servicing Asia is looking to set up shop in the U.S.

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.

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.

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Read more about