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Bitget CEO Gracy Chen hinted at a possible US market entry amid hopes for pro-crypto reforms under Trump’s administration.
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Compliance challenges remain, with Chen emphasizing the need for a local partner to navigate regulatory complexities.
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Previous US expansion efforts stalled due to licensing hurdles, and Chen’s latest comments appear noncommittal about concrete plans.
Bitget, a major player in the crypto exchange market, considers a US expansion as regulatory shifts loom, but faces significant compliance challenges.
Bitget to Enter the US Market?
Chen, an influential figure in the crypto industry, discussed these possible decisions in a recent interview. According to Coingecko data, Bitget is currently the 7th largest centralized exchange in terms of daily trading volume. Entering the US could potentially boost its market share.
While the US is one of the biggest markets for crypto, most international exchanges have difficulties accessing it. Binance’s US branch, for example, received a major fine last year.
However, since Donald Trump’s election, the calculus has changed. Trump promised to enact a series of pro-crypto government reforms, which has helped enable a major bull market in the industry. He has already appointed a Crypto Czar and a new pro-crypto SEC Chair. These decisions have started reflecting an impending regulatory shift in the US crypto industry.
Meanwhile, Bitget already saw explosive growth this year, and the current bull market has elevated its token (BGB) even further. The token reached an all-time high over the weekend, gaining nearly 400% this year.
Bitget Token (BGB) Price Performance. Source: COINOTAG
Now that the firm is profiting off this hype, its leadership sees a golden opportunity to expand. Still, Chen was quite clear that this path isn’t confirmed. Bitget attempted to enter US markets in 2022 and abandoned the effort in light of extensive compliance requirements. These obstacles haven’t gone away:
“We are revisiting a US strategy, although we have not decided on anything yet. If we had a local partner who has many of those licenses already, then we could do a joint venture, for example. So we don’t need to go through all the applications. We might take that approach, but it’s not decided yet,” Chen claimed.
Even under a friendlier federal administration, state-level agencies may prove to be a big headache. Additionally, the exchange has suffered compliance issues recently, receiving a rebuke from Japanese regulators last month. A partnership may ease some of these difficulties.
Ultimately, Chen was noncommittal about the US as a possible Bitget expansion target. The firm has consciously tried to harness industry buzz for new expansions, launching a new token listing portal in November after several competitors were wrapped in a scandal. Chen’s comments here may be a similar tactic for arousing interest.
Conclusion
Bitget’s potential entry into the US market represents both opportunity and challenges, especially given the complex regulatory landscape. As the company navigates this path, the need for compliance partnerships and a clear strategic approach will be crucial to any significant future expansion.
