Cryptocurrency exchange Bitget signals potential expansion into the US market, driven by anticipated regulatory changes under a Trump administration, with CEO Gracy Chen highlighting partnerships with licensed firms as a key strategy.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Leading cryptocurrency exchange Bitget is gearing up for a potential entry into the United States market, spurred by optimism surrounding the incoming pro-crypto Trump administration. The exchange, known for its rapid growth and innovative strategies, is exploring partnerships with US-licensed firms to navigate the country’s regulatory complexities efficiently.
According to a CoinDesk report citing an interview with the company’s CEO Gracy Chen, while the exchange had previously considered entering the US market, the regulatory hurdles and high compliance costs made it a daunting task.
However, with Donald Trump’s return to the US political stage, the exchange is reconsidering its earlier decision to benefit from the upcoming administration. Chen said that the best possible way for Bitget to achieve this goal would be to collaborate with a US-licensed partner with government authorization to operate within the market.
“We are revisiting a US strategy, although no final decisions have been made yet. 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,” Chen said.
Unlike the Biden administration, known for their stringent stance on crypto, Trump vowed to overhaul the regulatory framework for cryptocurrencies, removing barriers that have hindered the industry’s growth in recent years. His campaign promises include the introduction of clear crypto regulations and the ambitious plan to position Bitcoin as part of the national treasury.
Trump’s vision aligns with the crypto community’s aspirations for a more transparent and supportive regulatory environment. By appointing crypto-friendly advisors and streamlining state and federal licensing processes, his administration aims to attract global exchanges and foster innovation.
While the potential expansion to the US market is still in the works, Bitget has solidified its reputation as a leading global exchange through strategic expansions and innovative initiatives. The platform boasts daily trading volumes exceeding $8 billion and has actively pursued partnerships to enhance its offerings.
This year alone, the exchange has expanded to India, Russia, and the Middle East. Recently, the exchange collaborated with the UK-based Archax to expand into the country in compliance with British financial promotion rules.
Meanwhile, if the exchange proceeds with its US plans, it will likely rely on partnerships with firms that hold state and federal licenses. This approach could mitigate legal risks and enable the exchange to focus on delivering value to American users.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
