Bitget, a global cryptocurrency platform with about 120 million users, maintains its operations in Australia despite the warning issued by the Australian Securities and Investments Commission (ASIC) in July 2023. ASIC drew attention to crypto asset futures products leveraged up to 125 times, a practice that exceeds the maximum permitted leverage of 2:1 for digital derivatives in the country.
Although Bitget is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the company does not hold the Australian Financial Services (AFS) license required to offer financial products in Australia. Since ASIC’s statement, the platform has continued promoting local events, including at the University of New South Wales (UNSW), where it has targeted campaigns directly at university students, as observed in recent campus activities.
In November 2023, Bitget’s marketing director projected that younger generations would have accounts on crypto asset exchanges before traditional banks. This bet reinforces the company’s strategy to reach the Australian student audience despite regulatory restrictions. However, the regulatory body stressed that operating without an AFS license implies the absence of legal protections offered, such as access to dispute resolution through the Australian Financial Complaints Authority (AFCA).
The legislation Corporations Amendment (Digital Assets Framework) Bill 2025, passed in April 2024, introduced a regulatory milestone for digital platforms and digital asset exchanges in Australia. Due to this new regulation, platforms have until June 30, 2024, to regularize their operations or cease them. However, ASIC decided to grant a moratorium extending this deadline to June 30, 2026, allowing more time to adjust to the requirements.
Beyond the Australian scenario, Bitget faces significant international restrictions. Authorities in countries such as Spain, Japan, Germany, and Canada have already implemented measures against entities related to the platform. France, for example, added Bitget to its blacklist in 2024, leading the company to withdraw from the French market in March of this year.
With strong volatility in the price of bitcoin and other crypto assets over the past 12 months, the debate about risks associated with high leverage gains relevance. Using leverage up to 125 times can amplify gains but also results in rapid and considerable losses. Financial analysts classify these products as equivalent to gambling, warning of the danger they pose to less experienced investors.
In the past year, Sydney hosted significant events in the cryptocurrency sector, including the Australian Crypto Convention, which gathered thousands of participants in November 2023. Bitget had a strong presence on these occasions, demonstrating its intensification of local marketing even without holding the AFS license, which remains an irregularity according to regulatory oversight.
The company stated it is in the process of obtaining licenses in more than 15 global markets, including Australia. However, the lack of complete regularization in the country keeps ASIC and other agencies vigilant. A spokesperson for the commission reinforced that investors accessing unlicensed products do not have traditional legal guarantees, which may result in difficulties resolving disputes or recovering losses.
The completion of the process still depends on Bitget obtaining the AFS license, which should occur within the deadline granted by ASIC, allowing consolidated operation in the Australian market. Meanwhile, the regulatory body will continue monitoring the platform’s actions and compliance with current legislation.
