As cryptocurrency firms steer clear of jurisdictions where crypto regulations are strict such as the US, a Singaporean crypto exchange is making its foray into the US market as it takes the first step by obtaining a license from the United States Financial Crimes Enforcement Network (FinCEN). Bitget, a digital assets trading platform established in 2018 and headquartered currently in Singapore, specializes in Tether (USDT) contracts and serves an international customer base, including China.
FinCEN is the agency that oversees financial activity and transactions within the US. Bitget received approval from the agency on March 3 under a Money Service Business License, which allows the exchange to operate within the US as a foreign company. According to CoinTelegraph, after its success with FinCEN, Bitget is looking to apply with more US financial regulators, which reflects the exchange’s goal to meet compliance standards in the US market.
The Singaporean exchange has a user base of nearly 800,000 members. A representative from Bitget elaborated that Bitget caters mostly to the China, South Korean and Singapore market and has limited capacity currently for the English-speaking market. This is also the reason why the exchange is not listed on sites such as CoinMarketCap even with its trade volume.
Bitget is also one of the many companies included in the Monetary Authority of Singapore’s exemption list under the country’s new Payment Services Act (PSA). Under this exemption, Bitget can operate in Singapore as a crypto exchange service provider without obtaining a license until July 2020.
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