Singapore-based cryptocurrency exchange Bitget has achieved a significant milestone in its global expansion strategy by registering with the United States Financial Crimes Enforcement Network (FinCEN). This development positions Bitget alongside major industry players as it prepares to enter the competitive U.S. digital asset market.
Bitget Secures FinCEN MSB License for US Operations
Public records confirm that FinCEN has granted Bitget a Money Services Business (MSB) license, authorizing the platform to operate as:
- A money transmitter
- Foreign exchange dealer
The approval establishes Bitget's legal foothold in Denver, Colorado, marking the first phase of its North American expansion. Notably, this license places Bitget in the same regulatory category as established crypto services like Coinbase and Huobi.
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Strategic Compliance Across Multiple Jurisdictions
A Bitget spokesperson emphasized that the MSB registration represents more than just U.S. market access:
- Part of comprehensive global compliance strategy
- First step in multi-regulator approval process
- Foundation for future licensing applications
"Being compliant in as many regions as possible remains our priority," the representative told Cointelegraph, highlighting the exchange's commitment to regulatory adherence across its operational footprint.
Trading Volume and Market Presence
Despite its absence from major volume tracking platforms, Bitget reports:
- $1 billion in daily trading volume
- Strong presence in Asian markets (China, South Korea, Singapore)
- Plans to expand into English-speaking territories
The exchange attributes its low visibility on Western tracking platforms to its historically Asia-focused operations, though this is set to change with its U.S. expansion.
Singapore Regulatory Standing
While pursuing international growth, Bitget maintains compliance in its home jurisdiction:
- Currently exempt from Singapore's Payment Services Act (PSA) until July 2020
- Listed alongside Ripple, Coinbase and Binance in MAS exemptions
- Actively pursuing full PSA licensure
👉 Learn about Asia's evolving crypto regulations
Frequently Asked Questions
What does FinCEN registration allow Bitget to do in the US?
The MSB license permits Bitget to legally operate as a money transmitter and foreign exchange dealer, though additional state-level licenses may be required for full functionality.
Why isn't Bitget listed on CoinMarketCap?
The exchange's primary focus on Asian markets and limited English-language interface has historically reduced its visibility on Western tracking platforms.
How does Singapore's PSA exemption affect Bitget?
The temporary exemption allows continued operations while pursuing full licensing, with Bitget aiming to complete the process by mid-2020.
What markets does Bitget currently serve?
The platform maintains strongest traction in China, South Korea, and Singapore, with expansion plans targeting English-speaking countries and India.
What makes Bitget's trading volume notable?
While unverified by independent trackers, its reported $1 billion daily volume would position it among the world's top exchanges if accurate.
Future Expansion Roadmap
Bitget's strategic initiatives include:
- Completion of PSA licensing in Singapore
- Expansion into European and Canadian markets
- Enhanced services for English-speaking users
- Potential integration with major volume tracking platforms
As regulatory frameworks continue evolving globally, Bitget's proactive compliance approach positions it for sustainable growth across multiple jurisdictions.