Crypto Exchange Bitget Sees India as ‘High-Priority Market,’ Mulls Expansion

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Sujha Sundararajan

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Sujha Sundararajan

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July 3, 2024

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Crypto trading platform Bitget is eyeing India expansion and is actively discussing with the country’s regulator regarding licensing requirements.

The crypto exchange’s representative revealed the expansion on Wednesday, stating that “India is a high-priority market for Bitget.”

“We’re actively navigating through regulations to make sure the platform is compliant for us to serve our users in India.”

The next step for crypto exchanges to hit the masses is to be compliant players. It builds retail security, trust, credibility and drives the adoption.

India is a high-priority market for Bitget. We're actively navigating through regulations to make sure the platform is…

— Simran Alphonso (@SimranAlphonso) July 3, 2024

The move comes at a time when India is positioned as one of the fastest adopters of crypto globally. Already established crypto exchanges in India are having high hopes that the country certainly has “potential for positive change in India’s crypto policy in the near future.”

Domestic crypto exchanges are keeping pace with India’s anti-money laundering framework, introduced in March 2023. Additionally, India has been cracking down on non-compliant crypto exchanges operating in the country, issuing notices to nine exchanges in December including Binance and Kraken.

Simran Alphonso, Head of Global Communications at Bitget, noted that India’s scope in the Web3 space is huge. Thanks to “high skilled talent, tech-savvy population and positive regulations,” she added.

“Nobody would want to miss out on serving this audience!”

Bitget Sets Foot in Crypto-Friendly Jurisdictions

The Seychelles-registered crypto exchange has been constantly looking out to set its foot into jurisdictions having “clear guidelines for licenses and registrations,” Simran wrote.

In line with the motive, Bitget sought expansion in the UAE last year, to set up a more compliant exchange. The exchange also revealed in December that it would recruit more employees in the region, expanding its Middle East team.

Bitget has already gained virtual assets service provider (VASP) license in Lithuania and Poland.

Further, Bitget, in a move to be transparent to users, provides access to verifiable Proof of Reserves data along with comprehensive fund storage information.

3/ Please be assured that all funds are safe and secure. You can track our Proof of Reserve [POR] at
👉 https://t.co/uI4nYzmckk

And industry's second largest Protection fundhttps://t.co/MSOgsZD7kh to know more.

— Bitget India🇮🇳 (@BitgetIndia) July 3, 2024

In a separate Tweet, the official Bitget India handle posted that Indian users are “extremely valuable and important.”

“We’re committed to maintaining Bitget as one of the safest platforms to trade crypto as we’re working on providing a compliant platform for all our users in India.”