The Australian Securities and Investments Commission (ASIC) has issued a public warning against Bitget, accusing the crypto exchange of providing high-risk, unlicensed futures products to Australian investors. Bitget does not hold an Australian Financial Services (AFS) license, which prohibits it from promoting financial products to Australian residents. Additionally, Bitget's offerings include leveraged trading options up to 125:1, far exceeding ASIC's 2:1 limit, raising concerns about significant risks for investors. This warning is part of a broader regulatory effort to protect retail investors from unregulated crypto financial products. Since 2022, global regulators in countries like Spain, Japan, and Germany have similarly scrutinized Bitget, reflecting rising concerns over crypto derivatives. Without an AFS license, Bitget users lack critical consumer protections, including internal dispute resolution processes. ASIC emphasizes that investing in unregulated platforms complicates consumer recourse if losses occur. This warning arrives amidst an increased focus on regulating cryptocurrency transactions and derivatives in Australia.

Source 🔗