The Australian Securities and Investments Commission (ASIC) has issued a warning to Bitget, accusing the crypto exchange of promoting unlicensed crypto futures products to Australian investors. The warning indicates that Bitget and its parent company, BTG Technology Holdings Limited, lack the necessary Australian Financial Services (AFS) license required to market such financial products. ASIC highlighted that Bitget’s offerings allow leverage up to 125x, significantly exceeding the 2:1 limit imposed by ASIC, which increases the financial risks for investors. The warning is part of a broader effort by ASIC to protect retail investors from speculative and unregulated crypto products. Similar regulatory actions have been taken against crypto exchanges globally, including Binance and others in various jurisdictions. Without an AFS license, Australian users of Bitget do not benefit from important consumer protections such as internal dispute resolution and client money protection. ASIC emphasized that engaging with unlicensed entities complicates the process for investors seeking recourse if issues arise. The agency's warning reflects the ongoing scrutiny and regulatory challenges faced by crypto platforms operating in Australia and worldwide.

Source 🔗