Bitget Explores Entry into US Market Amid Trump Administration’s Pro-Crypto Policies
Bitget, a leading cryptocurrency exchange, is considering entry into the United States market, influenced by optimism regarding the incoming pro-crypto Trump administration. The exchange aims to partner with US-licensed firms to efficiently navigate regulatory complexities.
A CoinDesk report quotes Bitget's CEO Gracy Chen, noting that past attempts to enter the US faced significant regulatory hurdles and compliance costs. However, with Trump's political resurgence, the exchange is reassessing its strategy to capitalize on the anticipated regulatory changes.
Trump’s Pro-Crypto Stance Sparks Renewed Interest
Chen stated that collaborating with a US-licensed partner could facilitate a joint venture, avoiding extensive application processes. No final decisions have been made yet regarding this approach.
“We are revisiting a US strategy, although no final decisions have been made yet. If we had a local partner who has many of those licenses already, then we could do a joint venture. We might take that approach, but it’s not decided yet,” Chen said.
Trump has promised to reform cryptocurrency regulations, aiming to eliminate barriers that have impeded industry growth. His plans include establishing clear regulations and incorporating Bitcoin into the national treasury.
This vision aligns with the crypto community's desire for a transparent regulatory environment. By appointing crypto-friendly advisors and streamlining licensing processes, Trump seeks to attract global exchanges and stimulate innovation.
Bitget’s Global Expansion and Operational Strategies
While US expansion plans are pending, Bitget has established itself as a prominent global exchange with daily trading volumes exceeding $8 billion. The exchange has pursued strategic partnerships to enhance its services.
This year, Bitget expanded into India, Russia, and the Middle East, and recently partnered with UK-based Archax to comply with British financial promotion rules.
If Bitget advances its US plans, it will likely depend on partnerships with firms holding state and federal licenses, reducing legal risks and allowing the exchange to focus on providing value to American users.