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Crypto exchange Bitget has experienced substantial growth despite the difficulties posed by the bear market. In 2023, the platform unveiled two $100-million funds — one aimed at supporting crypto initiatives in Asia and another focused on enhancing the company’s long-term influence in the cryptocurrency sector.
During the Bitget EmpowerX Summit in Singapore, Cointelegraph’s Zhiyuan Sun engaged in a discussion with Gracy Chen, managing director of Bitget. They addressed Bitget’s expansion during the bear market, the pause in its growth in Hong Kong and the United States, and the significance of implementing Know Your Customer (KYC) protocols for exchanges.
A panel discussion at the Bitget event held in Singapore. Source: Cointelegraph
Chen indicated that the company has expanded to ten times its initial size within just two years. “For our company’s employees, we had about 150 two years ago, and now we have 1,500,” Chen stated. The executive emphasized that this growth is a result of their efforts over recent years and their focus on outcomes. Chen elaborated:
“We think it’s like running a marathon. So, what we’ve been doing, and if you look at our team, it’s a very operating result-driven team.”
The Bitget executive also pointed out that various initiatives, including branding, product launches, and the partnership with soccer icon Lionel Messi, have contributed to their growth in recent years. “In terms of the secret sauce, I guess it’s because of these things that we are doing — we are growing,” she remarked. Simultaneously, this growth enables them to be “financially healthy” for further activities, according to Chen.
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When questioned about the exchange’s absence in two major markets — the United States and Hong Kong — Chen acknowledged that regulatory ambiguity in the U.S. is preventing Bitget from entering. She stated:
“We want to wait and see how it develops and then make a decision on whether we want to serve the U.S. customers or not. This is something that has always been developing, but I don’t see us serving the U.S. market in the short term.”
Regarding Hong Kong, Chen mentioned that they have already initiated discussions with the Hong Kong government and are in the process of applying for a license in the special administrative region.
Chen also discussed the rationale behind the exchange’s implementation of mandatory KYC requirements for all users starting September 1. The executive noted that some users expressed dissatisfaction with the new requirement. However, she believes that KYC is an effective method to filter out “illegitimate” users. She stated:
“I’m pretty sure if the user is a financially healthy user, such as, like, if they’re not doing something illegitimate, such as money laundering, they should be pretty comfortable with the KYC process.”
Additionally, the executive anticipates that mandatory KYC will become a standard practice among larger crypto exchanges in the near future.
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