BitGet Considers Entering US Market Amid Anticipation of Pro-Crypto Trump Administration Policies
A Growing Force in the Crypto Industry
Bitget, one of the largest cryptocurrency exchanges, has been rapidly expanding its presence globally. In recent years, it has grown significantly to become a major player in the industry. Now, the exchange is considering partnerships with U.S.-based firms to establish a foothold in America.
The Incoming Trump Administration’s Pro-Crypto Stance
With the incoming Trump administration likely to adopt a more favorable stance on cryptocurrencies, Bitget sees an opportunity to expand its reach into the American market. The current regulatory environment has made it challenging for crypto exchanges to operate in the U.S., with many facing hurdles in obtaining necessary licenses.
Challenges Faced by Crypto Exchanges in the U.S.
Several large crypto exchanges have faced significant challenges in operating in the U.S. Binance, one of the largest exchanges, has been subject to a $4.3 billion settlement with U.S. authorities and has seen its American arm, Binance.US, effectively squeezed out.
Bitget’s CEO Gracy Chen on Expanding into the U.S. Market
In an interview, Bitget’s CEO, Gracy Chen, discussed the challenges of expanding into the U.S. market:
"We are revisiting a U.S. strategy, although we have not decided on anything yet," Chen said. "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."
Bitget’s Experience with Partnerships
Chen highlighted Bitget’s experience in forging mutually beneficial relationships:
"We have a recent partnership with U.K. trading firm Archax, which enabled us to become compliant with British financial promotions rules," Chen said.
Growth Areas for Crypto Exchanges
The collapse of FTX and the regulatory clampdown on Binance have opened up opportunities for rival exchanges to pick up customers around the globe. According to data from Sensor Tower and SimilarWeb, big growth areas have been identified in countries such as Russia, India, and Nigeria.
Bitget’s Strategy in Nigeria
Chen discussed Bitget’s strategy in Nigeria:
"We made a $30 million investment in TON, the token of the blockchain network linked to the popular messaging app Telegram," Chen said. "This led to a surge in Nigerian users, many of whom play games using TON and get tokens airdropped to their wallets."
Nigeria’s Growing Crypto Market
Chen highlighted Nigeria’s growing interest in cryptocurrencies:
"There was a period of time when we had more downloads in Nigeria than Google or TikTok," Chen said.
Bitget’s Approach to Russia and India
Regarding Russia, Chen stated that Bitget has held back from aggressively courting Russian users due to the ongoing conflict with Ukraine. However, Chen acknowledged that rival exchanges such as Bybit have been actively promoting themselves in Russia.
In India, a market where Binance is re-established after receiving a fine this year, Chen said that Bitget has not seen significant growth due to the lack of a clear regulatory framework.
The Challenge of Restricted Territories
Chen discussed the challenges faced by exchanges operating in restricted territories such as China:
"It’s often the case that users in these excluded regions find ways to get around know-your-customer (KYC) checks, and may use virtual private networks (VPNs) to circumvent IP-blocking measures," Chen said.
Meet Bitget’s Rising Star, Gracy Chen
Gracy Chen, a Massachusetts Institute of Technology graduate who was promoted from managing director and head of marketing to CEO of Bitget this year, is one of several Asian or Asian-American women steering the largest crypto companies.
Chen has expressed her gratitude for the support she receives from her colleagues:
"I know (Binance co-founder) Yi He pretty well. She was a bridesmaid at my wedding," Chen said. "But today it’s kind of like a friend-enemy situation."
Conclusion
Bitget’s consideration of partnerships with U.S.-based firms marks an exciting development in the crypto industry. As the regulatory landscape continues to evolve, exchanges will need to adapt and find innovative solutions to navigate these challenges.
Will Bitget succeed in establishing itself as a major player in the American market? Only time will tell, but one thing is certain: the crypto industry will continue to be shaped by pioneers like Gracy Chen and her team at Bitget.
