Bitget Considers US Market Entry with Local Partner Strategy
Bitget CEO Gracy Chen indicated that the crypto exchange may explore entry into the US market, citing potential regulatory improvements under Donald Trump's administration. Chen believes a pro-crypto stance could create a favorable environment for global exchanges, though compliance hurdles persist.
Chen emphasized the necessity of a local partner to navigate the complex federal and state regulations. A joint venture with an already licensed entity could allow Bitget to bypass extensive licensing processes, although no final decisions have been reached.
Bitget previously considered entering the US in 2022 but halted efforts due to compliance issues. While revisiting this possibility, Chen expressed caution, noting that state-level regulatory challenges could be significant even with federal support. Recent compliance warnings from Japanese regulators add to the complexity.
The US market offers substantial opportunities for Bitget, currently the 7th largest centralized exchange by daily trading volume according to Coingecko. Expanding into the US could enhance its global market share. Chen acknowledged that the ongoing bull market and a 400% increase in its token (BGB) this year present a potential window for expansion.
Chen’s remarks align with Bitget’s strategy to leverage market momentum. The company has launched a token listing portal to capitalize on industry trends while competitors face regulatory scrutiny. However, her statements regarding the US market appear exploratory, reflecting a cautious approach given past challenges.
With Trump’s administration advocating for pro-crypto reforms, including appointing a Crypto Czar and a supportive SEC Chair, Bitget's leadership sees potential. Future steps depend on finding suitable partners and effectively navigating the complex US regulatory landscape. The possibility of entering the US remains uncertain as Bitget evaluates its options in the evolving crypto space.