Bitget secures UK FCA registration amid ongoing scrutiny

Beyond Europe, Bitget has faced regulatory actions in multiple regions. Cyprus barred the platform from offering investment services, and Japan’s Financial Services Agency (FSA) issued a warning about Bitget’s unlicensed operations. In Hong Kong, the Police Force and Securities and Futures Commission (SFC) raised concerns following reports of withdrawal issues. The Securities Commission Malaysia blacklisted Bitget for operating without authorization, and Canadian regulators issued an investor alert about its unauthorized activities.

Bitget’s FCA registration comes as other exchanges, despite substantial investments in compliance, have faced challenges in securing such approval. Binance allocated $213 million in 2023 to enhance its compliance infrastructure, deploying AI tools and hiring 170 additional compliance professionals. The team includes over 60 personnel with regulatory or law enforcement experience and more than 200 Certified Anti-Money Laundering Specialists. Binance also processed over 52,700 law enforcement requests in 2023, assisting nearly 12,700 registered officers through its Government Law Enforcement Request System.

Similarly, Bybit proactively suspended its UK services to align with the FCA's new marketing regulations. The exchange ceased new account applications from October 1, 2023, and advised existing UK users to manage their positions by January 8, 2024. According to the FCA, only four out of thirty-five crypto firm applications were approved in the fiscal year ending March 31, 2024.