The Australian Securities and Investments Commission (ASIC) has issued a warning against Bitget for offering high-risk, unlicensed crypto futures products to Australian investors. Bitget lacks an Australian Financial Services (AFS) licence, preventing it from promoting its financial products within Australia. The regulator highlighted that Bitget's offerings allow up to 125x leverage, significantly exceeding ASIC's maximum limit of 2:1, which exposes investors to substantial financial risks. This warning aligns with a broader trend of regulatory crackdowns on unregulated crypto financial products, motivated by the need to protect retail investors. Other countries, including Spain, Japan, and Germany, have also imposed similar restrictions. Without the necessary licence, Bitget users are not afforded vital consumer protections, such as dispute resolution and client money safeguarding. This move underscores ASIC's intensified scrutiny of the cryptocurrency space amidst growing concerns over financial crime and regulatory compliance in Australia.

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