The Australian Securities and Investments Commission (ASIC) has issued a warning against the crypto exchange Bitget for offering unlicensed crypto futures to Australian investors. Bitget lacks the necessary Australian Financial Services (AFS) licence, thereby violating regulations intended to protect investors. ASIC emphasized that the platform provides futures products with leverage up to 125x, significantly higher than the 2:1 limit set by ASIC, leading to heightened financial risks. This warning is part of ASIC's broader effort to regulate the crypto market and safeguard retail investors from speculative and unregulated products. The agency also highlighted that without an AFS licence, users are not entitled to protections like internal dispute resolution or client money security. Similar regulatory actions have been taken against Bitget in various countries since 2022. ASIC's ongoing regulatory crackdown follows other major moves against platforms like Binance Australia for misclassifying retail clients.

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