Bitget exec says KYC is useful to filter out illegitimate users

Crypto alternate Bitget has grown considerably regardless of the challenges introduced by the bear market. In 2023, the alternate introduced two $100-million funds — one dedicated to crypto projects in Asia and one other for maximizing the company’s long-term impact within the crypto area.

On the Bitget EmpowerX Summit held in Singapore, Cointelegraph’s Zhiyuan Solar spoke with Gracy Chen, managing director of Bitget. The 2 spoke about Bitget’s development amid the bear market, pausing its growth in Hong Kong and the USA, and why they imagine that implementing Know Your Buyer (KYC) protocols is vital for exchanges.

In accordance to Chen, the corporate grew 10 instances its unique dimension in simply two years. “For our firm’s staff, we had about 150 two years in the past, and proper now, 1,500,” Chen stated. The manager highlighted that this is a results of their efforts up to now few years and their being pushed by outcomes. Chen defined: 

“We expect it’s like working a marathon. So, what we’ve been doing, and when you have a look at our crew, it’s a really working result-driven crew.”

The Bitget government additionally talked about a whole lot of their efforts, from branding and product launches to the corporate’s partnership with soccer celebrity Lionel Messi, as a few of the causes for its development over the previous years. “By way of the key sauce, I suppose it’s due to this stuff that we’re doing — we’re rising,” she added. On the identical time, the expansion makes them “financially wholesome” to do extra actions, in accordance to Chen.

Associated: Taiwan to restrict unregistered, noncompliant foreign crypto exchanges

When requested concerning the exchanges’ lack of presence in two key markets — the USA and Hong Kong — Chen famous that regulatory uncertainty within the U.S. is holding Bitget again from coming in. She stated:

“We would like to wait and see the way it develops after which decide on whether or not we would like to serve the U.S. prospects or not. This is one thing that has all the time been growing, however I don’t see us serving the U.S. market within the quick time period.”

When it comes to Hong Kong, Chen stated that they’ve already been in talks with the Hong Kong authorities and are presently within the strategy of making use of for a license within the particular administrative area.

Chen additionally spoke about why the alternate implemented mandatory KYC requirements for all of its users on Sept. 1. In accordance to the chief, a few of their users had been complaining concerning the new requirement. Nonetheless, the chief believes that implementing KYC is a great way to filter out “illegitimate” users. She stated:

“I’m fairly certain if the consumer is a financially wholesome consumer, equivalent to, like, in the event that they’re not doing one thing illegitimate, equivalent to cash laundering, they need to be fairly comfy with the KYC course of.”

Other than this, the chief believes that obligatory KYC is going to turn out to be a development among the many greater crypto exchanges within the close to future.

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