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Coinpaprika 2024-12-10 07:36:17

Bitget Explores US Entry Amid Regulatory Hopes

Bitget CEO Gracy Chen recently suggested that the crypto exchange might consider entering the US market, citing potential regulatory improvements under Donald Trump's administration. Chen believes the anticipated pro-crypto stance could create a more favorable environment for global exchanges, but compliance hurdles remain a significant challenge. Chen highlighted the need for a local partner to navigate US regulations, which are known for being complex and varied at both federal and state levels. She explained that a joint venture with an already licensed partner might be a practical solution, allowing Bitget to bypass the extensive licensing process. However, she emphasized that no final decisions have been made. Bitget previously explored entering the US in 2022 but abandoned the effort due to compliance issues. While the possibility is being revisited, Chen remained cautious, noting that even with a supportive federal administration, state-level regulatory obstacles could be difficult to overcome. Recent compliance challenges, such as warnings from Japanese regulators, further complicate matters. The US market presents significant opportunities for Bitget, the 7th largest centralized exchange by daily trading volume, according to Coingecko. Expanding into the US could boost its global market share. Chen acknowledged this, stating that the ongoing bull market and Bitget’s growing popularity, including a 400% increase in its token (BGB) this year , provide a window of opportunity for expansion. Chen’s comments align with Bitget’s broader strategy of leveraging market momentum. The company recently launched a token listing portal, capitalizing on industry hype and filling gaps left by competitors facing regulatory scrutiny. However, her statements about the US market appear more exploratory than definitive, reflecting the cautious approach Bitget is taking in light of past difficulties. As Trump’s administration promotes pro-crypto reforms, including appointing a Crypto Czar and a new SEC Chair supportive of digital assets, Bitget’s leadership sees potential. However, the firm’s next steps will likely depend on finding the right partner and navigating the complex US regulatory landscape effectively. While the possibility of entering the US remains uncertain, Bitget continues to evaluate its options in the ever-evolving crypto space.

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