Crypto exchange Bitget has grown significantly despite the challenges posed by the bear market. In 2023, the exchange announced two $100 million funds: one dedicated to crypto projects in Asia and another for Maximize the long-term impact of the company. in the crypto space.
At the Bitget EmpowerX Summit in Singapore, Cointelegraph's Zhiyuan Sun spoke with Gracy Chen, CEO of Bitget. The two talked about Bitget's growth amid the bear market, halting its expansion in Hong Kong and the United States, and why they believe implementing Know Your Customer (KYC) protocols is important for exchanges.
According to Chen, the company grew ten times its original number in just two years. "Two years ago we had about 150 employees and right now we have 1,500," Chen said. The executive highlighted that this is the result of the efforts of recent years and being driven by results. Chen explained:
โWe think it's like running a marathon. So what we have been doing and if you look at our team, it is a very operational, results-driven team.โ
The Bitget executive also cited many of its efforts, from branding and product launches to the company's partnership with soccer superstar Lionel Messi, as some of the reasons for its growth in recent years. "In terms of the secret sauce, I guess it's because of these things that we're doing, that we're growing," he added. At the same time, the growth makes them โfinancially healthyโ to do more activities, according to Chen.
Related: Taiwan to Restrict Non-Registered, Non-Compliant Foreign Crypto Exchanges
When asked about the exchanges' lack of presence in two key markets: the United States and Hong Kong, Chen noted that regulatory uncertainty in the US is preventing Bitget from entering. She said:
โWe want to wait and see how it develops and then make a decision on whether we want to serve American customers or not. This is something that has always been developing, but I don't see us serving the US market anytime soon.โ
As far as Hong Kong is concerned, Chen said they have already been in talks with the Hong Kong government and are currently in the process of applying for a license in the special administrative region.
Chen also talked about why the exchange implemented mandatory KYC requirements for all its users on September 1. According to the executive, some of its users complained about the new requirement. However, the executive believes that implementing KYC is a good way to filter out "illegitimate" users. She said:
โI'm pretty sure that if the user is a financially healthy user, that is, if they are not doing something illegitimate, like money laundering. โThey should be quite comfortable with the KYC process.โ
Apart from this, the executive believes that mandatory KYC will become a trend among the largest crypto exchanges in the near future.
Magazine: DeFi faces stress test, DOJ fears Binance and Hong Kong cryptocurrency trading
Post navigation
