Bitget Exchange Sees Significant Growth Amid Bear Market

Growing Tenfold in Just Two Years

Crypto exchange Bitget has experienced remarkable growth despite the challenges posed by the bear market. In a recent interview, Gracy Chen, the managing director of Bitget, revealed that the company's employee count has grown from 150 to 1,500 in just two years. Chen attributes this impressive growth to the team's result-driven approach and its efforts in areas such as branding, product launches, and partnerships, including one with soccer superstar Lionel Messi.

Delayed Expansion Plans

While Bitget has been expanding its presence worldwide, Chen explained that the exchange has not entered two key markets: the United States and Hong Kong. In the case of the US, regulatory uncertainty has caused Bitget to adopt a wait-and-see approach. Chen stated that the company wants to observe how the situation evolves before deciding whether to serve US customers in the short term. As for Hong Kong, Bitget is in talks with the government and is in the process of applying for a license in the special administrative region.

Mandatory KYC Implementation

On September 1, Bitget implemented mandatory Know Your Customer (KYC) requirements for all users. While some users initially expressed discontent with this new requirement, Chen believes that it is a necessary step to filter out "illegitimate" users and create a safe and compliant trading environment. Chen also predicts that mandatory KYC will become a trend among larger crypto exchanges in the near future.