The Australian Securities and Investments Commission (ASIC) has issued a warning against Bitget for offering unlicensed crypto futures products to Australian investors. Bitget, along with its parent company BTG Technology Holdings Limited, lacks the necessary Australian Financial Services (AFS) license, which means they cannot legally promote or sell their financial products within Australia. ASIC highlighted the risks associated with Bitget's high-leverage offerings, which go up to 125x, well above the regulatory limit of 2:1 for licensed exchanges. This absence of regulation means that users of Bitget are unprotected by common safeguards such as internal dispute resolution and client money protection. ASIC's actions are part of a broader crackdown on unregulated financial products aimed at protecting retail investors. Since 2022, regulators worldwide, including in Spain, Japan, and Germany, have issued similar warnings against Bitget for violating local laws. The ongoing regulatory scrutiny reflects the growing complexities and risks associated with trading crypto derivatives, emphasizing the need for clear and compliant operations in the crypto market.

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