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Home News Crime

ASIC Warns Australians Against Bitget’s Unlicensed Crypto Futures

28 July 2025
in Crime, News
Reading Time: 3 mins read
108 1
source: financemagnates.com

source: financemagnates.com

Australia’s corporate regulator has issued a strong warning to investors over cryptocurrency futures products offered by Bitget, a digital asset trading platform operated by BTG Technology Holdings Limited.

]The Australian Securities and Investments Commission (ASIC) says Bitget is not licensed to offer financial services in the country and is operating outside the law.

Source: ASIC

The warning centers on Bitget’s promotion of high-risk crypto derivatives, specifically futures contracts accessible via its website and mobile app, both of which remain available on Australian app stores, including Apple and Google Play.

Despite advertising “crypto futures trading,” Bitget does not hold an Australian Financial Services (AFS) licence. As a result, any Australian investor who trades on the platform is not covered by local protections such as dispute resolution mechanisms or safeguards on client funds.

“These are high-risk products with extreme leverage,”

the regulator said, noting that Bitget offers leverage of up to 125:1, far beyond the 2:1 limit imposed by ASIC on crypto derivatives for retail investors. That means a trader could lose their entire position and more based on a small market move.

Crypto futures are a type of derivative that allows users to bet on the future price of digital currencies. While they can yield large returns, they can also lead to rapid and severe losses, especially under high leverage.

ASIC emphasized that investors engaging with unlicensed offshore platforms face significant risks, including the lack of legal recourse if funds are lost or mishandled.

The regulator urged Australians to verify the licensing status of any platform before investing. AFS licence holders can be confirmed via ASIC’s Professional Registers. Investors are also directed to the “Check before you invest” resources on Moneysmart.gov.au.

In a separate matter, ASIC launched civil proceedings against Liang “Allan” Guo, the former director of the defunct crypto firm Blockchain Global, over serious allegations linked to his role in the collapse of the ACX Exchange. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: ASICBITGET
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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