Singapore’s BitGet Exchange Registers with FinCEN as Part of U.S Expansion Push
Bitget, a Singapore-based spot trading platform for major digital assets is making active plans to expand operations from the Asian region to the United States. The firm says it has now registered with the Financial Crimes Enforcement Network (FinCEN), according to reports on March 30, 2020.
Bitget Eyes U.S. Markets
As part of plans to set up shop in the United States and start offering crypto trading services to residents, Asia’s leading crypto derivatives platform has now registered as a money services business in the country.
Per sources close to the matter, Bitget, a Singaporean crypto derivatives exchange has announced that it has now registered with the Financial Crimes Enforcement Network (FinCEN), one of the United States’ top financial regulators, as a money services business (MSB).
As defined by FinCEN a money services business refers to anyone or entities functioning as a currency dealer or exchanger, issuers of travelers’ checks, money transmitters, check cashers, and more.
According to a spokesperson of Bitget exchange, registering with FinCEN is the first step towards becoming a fully registered crypoassets trading venue in the United States, as the firm still needs to secure “state-level” licensing to carry out most operations in the region.
Established in 2018 as a spot exchange before pivoting to derivatives in 2019, Bitget offers bitcoin (BTC) trading services to both institutional and retail investors.
Bitget Focusing on Compliance
Bitget reportedly has a massive user base in China and the Asian region as a whole. Though the firm is yet to gain the same level of popularity in Europe and the United States, that narrative might change soon, as the exchange plans to launch operations in Denver, Colorado if all goes as planned.
At present, Bitget exchange also has a presence in South Korea and Japan. The firm recently received a license exemption from the Monetary Authority of Singapore (MAS) which allows it to operate as a crypto service provider without additional regulatory approval until later in August 2020.
What’s more, Bitget has made it clear that part of its primary objectives remains to become a fully-licensed cryptocurrency business in Singapore and it also plans to secure the necessary license that would enable it to function in the European Union as a regulated exchange.
In related news, BTCManager informed on March 27, 2020, that the MAS has granted Coinbase crypto exchange and several other blockchain-based businesses including Pundi X temporary licensing exemptions.