The Bitget crypto exchange will now be expanding its services in New Zealand — the country with over 355,000 unique crypto users as per official numbers. On Thursday, Bitget announced that it has acquired its Financial Services Provider (FSP) license in the country, officially making it to the Financial Service Providers Register (FSPR).
Bitget is touted as the world’s largest Universal Exchange (UEX) with a global userbase of over 125 million. It offers investment options into traditional financial instruments as well as into crypto and tokenized stocks. Its broader aim is to give users access to multiple asset classes within one unified trading environment.
“The registration adds another layer to our international financial services framework,” said Bitget CEO Gracy Chen as commenting on the development. “Financial platforms need compliance structures that can support a wider mix of assets and services.”
In New Zealand, the platform plans to put other registered services on the table including like forex, local/global money transfers, and the execution of foreign exchange transactions on behalf of clients.
The exchange further announced that it is joining the New Zealand Insurance and Financial Services Ombudsman (IFSO) Dispute Resolution Scheme. This scheme essentially lets local users raise, review, and resolve disputes related to the platform via an independent, standardized channel.
Crypto assets, after all, are seen as high-risk and speculative investments. Unlike traditional, government-backed investment tools, crypto investments lack tight protections in the country.
Bitget now follows Binance NZ, Kraken, and Coinbase in foraying into the New Zealand market.
Founded in Singapore back in August 2018, Bitget is also a registered entity in Seychelles. Since 2022, it has not operated with a single headquarter location.
With the evolving landscape of crypto regulations internationally, Bitget is gradually working to acquire operational permits in different parts of the world to execute a proper expansion of its offerings.
Earlier this week, Chen said, Bitget will be making its way into the U.S. as well.
“We’ve stayed away from the U.S. market pretty much since day one. With or without the CLARITY Act, Bitget has already made a decision to enter the U.S. market,” she noted.
The platform has also been expanding its service offerings over the last few months. For instance, it recently launched a stablecoin yield feature dubbed Cash Plus.
