The Australian Securities and Investments Commission (ASIC) has issued a warning against crypto exchange Bitget for promoting unlicensed crypto futures products to Australian investors. Bitget is accused of lacking an Australian Financial Services (AFS) license, making its promotions illegal. The company's products offer leverage up to 125x, significantly exceeding ASIC's 2:1 limit, raising substantial financial risk for investors. ASIC urged users to understand that without an AFS license, they lack consumer protections such as dispute resolution and client money safeguards. This warning aligns with a global trend where regulators in multiple jurisdictions, including Spain and Japan, have taken similar actions against Bitget. Despite being registered for basic exchange services with Australia's financial intelligence agency, Bitget's operations have come under fire as the regulatory landscape tightens. Industry observers express concern that stringent regulations may stifle innovation in the rapidly evolving crypto space.

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