Bitget, a leading cryptocurrency exchange, has become a registered Virtual Asset Service Provider (VASP) in Poland, marking another milestone in the company’s expansive growth strategy across the European Union (EU). This registration closely follows Bitget’s recent acquisition of a similar license in Lithuania, further solidifying the company’s foothold in the European market.
Poland’s favorable regulatory environment for blockchain and crypto companies presents a fertile ground for the firm’s expansion. Having adhered to local and international laws and meeting all necessary regulatory standards, Bitget’s successful registration aligns perfectly with its goal of providing a secure and transparent trading experience. In addition, the crypto exchange is stepping in line with Binance, who obtained a similar VASP license in Poland earlier this year.
“The recent registrations in the two European countries enhance our foothold and service in Europe. We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. At Bitget, we cooperate proactively with governmental bodies worldwide to foster a more conducive ecosystem.”
Bitget’s Managing Director, Gracy Chen.
Embracing the future of cryptocurrency
Bitget’s expansion strategy extends beyond acquiring licenses. In its pursuit of safe, responsible, and compliant access to cryptocurrencies, Bitget has doubled its compliance team over the past year, ensuring meticulous navigation through global licensing processes. The company also showcased impressive growth in its staff count, expanding from 1,000 to 1,300 members during Q1 2023, with approximately 300 openings across multiple departments.
In addition to human resources, Bitget has shown substantial fiscal growth. In the recent quarter, buoyed by the price recovery of Bitcoin and other crypto assets, Bitget’s User Protection Fund gained $80 million, taking its book value to a commendable $380 million. Additionally, the exchange’s futures trading volume has seen a quarter-over-quarter growth of 27%, touching $658 billion.
Bitget’s steady growth and diligent compliance work echo the larger trend in the crypto industry, where exchanges increasingly seek formal regulatory approvals in multiple jurisdictions. In this race, exchanges like OKX and Kraken have made strategic moves in the European region, with the former opening a French subsidiary and applying for a license, while the latter has secured registration in Ireland.
Bitget is playing its cards wisely, serving over 8 million users across 100+ countries. With the forthcoming Markets in Crypto-Assets (MiCA) regulation set to come into effect in July 2024, Bitget’s strategic regulatory alignments indicate a timely and well-calculated move. As Bitget continues its global expansion, its steady regulatory inroads in Europe make it a formidable player in the highly competitive crypto market.
