The Australian Securities and Investments Commission (ASIC) has publicly warned against crypto exchange Bitget for allegedly promoting unlicensed crypto futures products to Australian investors.
Bitget and its parent firm, BTG Technology Holdings Limited, do not hold an Australian Financial Services (AFS) licence, making them ineligible to offer or promote financial products in Australia, ASIC stated.
The regulator is particularly concerned about Bitget’s leverage offerings, which go up to 125:1—far beyond ASIC’s 2:1 limit aimed at protecting retail investors.
This move follows similar action against Binance Australia Derivatives, whose license was revoked in 2023 for misclassifying retail clients. ASIC said such regulatory steps are necessary to safeguard consumers from complex and speculative financial products.
Experts note that a lack of clear legislative guidance continues to challenge crypto exchanges operating in Australia. The warning marks another chapter in Australia’s tightening stance on crypto derivatives and investor protection in a rapidly evolving market.
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