Bitcoin
$42,742.09-0.57%
Ethereum
$2,930.74-0.56%
XRP
$0.936746-0.95%
Cardano
$2.36+3.18%
Polkadot
$30.05-2.33%
Stellar
$0.276967-2.56%
Dogecoin
$0.208833-1.34%
Chainlink
$24.25+3.99%
Uniswap
$19.49-2.59%
Polygon
$1.12-1.24%
Cosmos
$39.55-3.53%
Algorand
$1.73-5.31%
Litecoin
$151.57+0.12%
Bitcoin Cash
$516.22+0.06%
Wrapped Bitcoin
$42,730.84-0.57%
The Graph
$0.678871-4.84%
Filecoin
$60.25-5.94%
Tron
$0.090651-2.49%
Ethereum Classic
$47.59-0.80%
Tezos
$6.99-1.96%
Aave
$274.90-2.92%
Monero
$238.76+1.43%
NEO
$38.96-2.55%
EOS
$4.01-1.56%
IOTA
$1.23-3.89%
BitTorrent
$0.003249-1.92%
Bitcoin SV
$134.37-1.96%
Waves
$24.26-7.50%
Maker
$2,254.41-2.45%
Dash
$164.33-1.74%
Decred
$115.43-1.07%
Decentraland
$0.690093-2.84%
ICON
$1.55-3.21%
NEM
$0.147345-2.31%
Zcash
$110.12-1.46%
OmiseGO
$8.85-3.74%
Paxos Standard
$1.01+0.53%
NuCypher
$0.300668+8.57%
Yearn Finance
$30,136.28+4.62%
Ren
$1.02-7.69%
Qtum
$9.66-3.42%
Bitcoin Gold
$52.79-0.90%
Fetch.ai
$0.847746+11.08%
Basic Attention Token
$0.642000-2.64%
0x
$0.898149-2.47%
Kava.io
$5.87-4.39%
Bancor
$3.47-0.31%
Band Protocol
$7.45-0.35%
Siacoin
$0.014727-2.14%
Nano
$4.69-2.02%
Loopring
$0.379772-1.35%
Numeraire
$42.11+1.39%
Storj
$1.09-1.20%
Civic
$0.459817-3.53%
Lisk
$2.93+0.82%
Orchid
$0.319781-1.87%
PAX Gold
$1,759.39-0.05%
Enzyme
$133.18-0.43%
Augur
$21.87+6.25%
Aragon
$4.83+1.27%
district0x
$0.149518+0.63%
Kyber Network
$1.44-1.50%
SingularDTV
$0.001278+0.25%
Tether
$1.00+0.01%
USD Coin
$1.00+0.04%
Dai
$1.00+0.01%

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.

Mar 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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...