The Australian Securities and Investments Commission (ASIC) has issued a warning against Bitget, a cryptocurrency exchange, for offering unlicensed crypto futures to Australian investors. ASIC claims that Bitget, and its parent company BTG Technology Holdings Limited, lack an Australian Financial Services (AFS) license, making their promotion of these financial products illegal. The warning highlights the significant risks associated with Bitget's offerings, which allow up to 125x leverage, exceeding ASIC's limit of 2:1 for licensed derivatives. This regulatory move aligns with a broader crackdown on cryptocurrency exchanges globally that have faced similar warnings. ASIC's action stems from a growing concern over the speculative nature and complexity of unregulated crypto products and their potential impact on retail investors. The agency emphasizes the lack of protective measures for users trading unlicensed products, including avenues for dispute resolution and client money protection, warning that investors in these products face substantial financial risks.

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