The Australian Securities and Investments Commission (ASIC) has issued a warning against Bitget, accusing the cryptocurrency exchange of offering high-risk, unlicensed crypto futures products to Australian investors. ASIC stated that Bitget lacks an Australian Financial Services (AFS) license, which means it cannot legally promote investment in its financial products. The platform offers leverage of up to 125x, significantly exceeding ASIC's limit of 2:1 for licensed derivatives, thereby increasing financial risks for users. This warning is part of a broader regulatory effort by ASIC to protect retail investors from speculative and unregulated crypto products, aligning with similar actions taken by regulators globally since 2022. Bitget remains registered with AUSTRAC for basic exchange services but does not have the required license for derivatives, placing its users at risk by lacking important consumer protections such as internal dispute resolution. Industry representatives express concern that stringent regulations could stifle innovation in the rapidly evolving digital asset space.

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