Bitget May Enter the US Market, Claims CEO Gracy Chen

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As a seasoned crypto investor with years of experience navigating the volatile and complex world of digital assets, I find myself intrigued by Bitget’s potential entry into the US market. Having witnessed the meteoric rise of Binance‘s US branch followed by its subsequent fine, I can understand why a friendly regulatory environment under President Trump’s upcoming term might seem appealing.

In a recent conversation, the CEO of Bitget, Gracy Chen, mentioned that they are thinking about expanding their operations into U.S. markets. She pointed out the more favorable regulatory environment anticipated during President Trump’s next term, although challenges still persist.

Additionally, she showed enthusiasm for collaborating to overcome the regulatory challenges in the U.S., yet no definite outcomes have come to fruition as of now.

Bitget to Enter the US Market?

In a recent conversation, a significant player in the cryptocurrency sector, Chen, touched upon potential choices he’s considering. As per statistics from Coingecko, Bitget stands at number 7 among centralized exchanges regarding daily trading volume. There’s speculation that entering the US market could help increase its market share.

Although the U.S. represents a significant market for cryptocurrencies, many global exchange platforms often encounter challenges when attempting to penetrate this market. For instance, Binance’s American division was fined heavily last year due to regulatory issues.

Since Donald Trump became president, the situation regarding cryptocurrencies has undergone a significant transformation. Trump indicated he would implement favorable government policies for cryptocurrencies, triggering a substantial growth phase within the sector. He even appointed a Cryptocurrency Advisor and a pro-crypto chair at the Securities and Exchange Commission (SEC). These moves suggest an upcoming regulatory change in the United States cryptocurrency industry.

This year, Bitget has experienced remarkable growth, with its token, BGB, climbing even higher amidst the ongoing bull market. Over the weekend, the token hit a new record high, marking a staggering increase of around 400% for the year.

With the current surge in profits, the company’s management views this as a promising moment for growth. However, it’s important to note that this expansion isn’t yet set in stone. Last year, Bitget made an attempt to penetrate the US market, but ultimately decided against it due to complex regulatory hurdles. These challenges persist today.

Chen stated that they are considering a repeat of a U.S. strategy, but no decisions have been made as of now. If they found a local partner who possesses multiple licenses, a joint venture could be an option, allowing them to avoid the application process. However, this approach is not yet finalized.

Regardless of a more amicable central government, state-level bodies could still pose significant challenges. Furthermore, there have been compliance problems with the exchange in recent times, even drawing criticism from regulatory authorities in Japan just last month. A strategic alliance might help alleviate some of these complications.

In essence, Chen remained vague about the possibility of Bitget expanding into the U.S. The company has strategically capitalized on industry hype to drive new expansions, introducing a new token listing portal in November following various competitors becoming embroiled in scandals. Chen’s comments might be a way to generate curiosity in this case as well.

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2024-12-10 00:13