Bitget Eyes US Expansion as Trump Administration’s Crypto Stance Expected to Change
As the crypto market continues to navigate complex regulatory landscapes around the world, Bitget, one of the largest cryptocurrency exchanges globally, is exploring opportunities for expansion into the US market. The exchange’s CEO, Gracy Chen, revealed in an interview that the company has not ruled out a potential partnership with a US-based firm to gain a foothold in America.
Bitget’s decision to consider partnerships comes on the back of the expected change in the US administration’s stance on cryptocurrency under President-elect Donald Trump. The exchange’s growth trajectory has been remarkable, with daily trading volumes reaching around $8 billion. However, Chen acknowledged that navigating the complex regulatory landscape in the US would require significant resources and investment.
"We are revisiting a US strategy, although we have not decided on anything yet," Chen explained. "If we had a local partner who has many of those licenses already, then we could do a joint venture, for example. So we don’t need to go through all the applications. We might take that approach, but it’s not decided yet."
Bitget’s Experience with Partnerships and Expansion
Bitget’s CEO emphasized the importance of partnerships in expanding into new markets. The exchange has already demonstrated its ability to form mutually beneficial relationships with other companies, such as a recent partnership with UK-based trading firm Archax. This collaboration enabled Bitget to become compliant with British financial promotions rules.
Chen also highlighted the company’s experience in identifying and tapping into emerging markets. For instance, Bitget made a significant investment of $30 million in TON, the token associated with Telegram’s popular messaging app. This move led to a surge in Nigerian users on the exchange, many of whom play games using TON and receive tokens airdropped to their wallets.
"We wanted to gain some of the TON users obviously, and this strategy worked really well from the Nigeria side," Chen said. "There was a period of time when we had more downloads in Nigeria than Google or TikTok."
Opportunities and Challenges in Emerging Markets
Bitget’s growth strategy has been focused on identifying and capitalizing on opportunities in emerging markets. The company’s CEO acknowledged that some regions, such as Russia, present unique challenges due to regulatory complexities and economic sanctions.
"We are aware of some rival exchanges aggressively courting Russian users and influencers," Chen said. "Strategically, we thought we should stay away from the Russia/U.S. argument because sanctions were being imposed."
India has also been a challenging market for Bitget, mainly due to the lack of a clear regulatory framework. However, Chen expressed optimism about the company’s prospects in this region and emphasized its commitment to working with local authorities.
"We are working with the government and we have a few team members looking at India right now," she said.
Global Reach and Regulatory Challenges
Bitget’s global reach has been impressive, but navigating complex regulatory landscapes remains a significant challenge. Chen acknowledged that users in restricted territories often find ways to circumvent know-your-customer (KYC) checks and IP-blocking measures using virtual private networks (VPNs).
"I think all the major exchanges have business that comes from certain countries, such as China," she said. "Because it’s such a big economy with so many retail users, it’s just very hard to avoid all of them."
Rising Stars in the Crypto Industry
Bitget’s CEO is one of several Asian or Asian-American women leading prominent crypto companies. Chen’s background and experience make her an exceptional candidate for this role.
Chen graduated from the Massachusetts Institute of Technology and was promoted to CEO of Bitget earlier this year. Her rise to prominence is a testament to the growing importance of diverse perspectives in the crypto industry.
Conclusion
Bitget’s decision to explore partnerships with US-based firms marks a significant development in the company’s expansion strategy. As the crypto market continues to evolve, navigating complex regulatory landscapes will remain a key challenge for exchanges like Bitget. However, with its experience in identifying and capitalizing on opportunities in emerging markets, the exchange is well-positioned to capitalize on the expected change in the US administration’s stance on cryptocurrency.