Bitget Engaged in Talks for Obtaining License in India

Bitget, a major cryptocurrency exchange, is collaborating with Indian regulators to obtain the necessary licensing to operate in compliance with local laws. The company has been in active discussions with India’s Financial Intelligence Unit (FIU) to secure Virtual Asset Service Provider (VASP) registration, as announced on July 3. Simran Alphonso, Bitget’s head of global communications, stated that this registration would allow the exchange to ensure tax compliance and maintain operational transparency. Additionally, it would provide a safe environment for hosting meetups, engaging with the community, and conducting educational initiatives, making Bitget more trustworthy and reputable. Alphonso emphasized that FIU registration also contributes to consumer protection, including dispute resolution, compensation for fraud, and support in tracking down scammers. Currently, Bitget operates in India with certain limitations due to the absence of VASP registration, leading to difficulties in onboarding new users. However, Alphonso expressed optimism about serving the Indian market, highlighting its importance to the company. Bitget’s efforts to enhance compliance in India follow the approval of VASP applications from other major global exchanges, such as Binance and KuCoin, by the FIU in May 2024. These approvals restored the legal status of the companies in India after the FIU issued noncompliance notices to nine crypto exchanges, including Binance and KuCoin, in late 2023. As a result of these compliance issues, Apple’s App Store in India blocked several crypto exchange apps in December last year. KuCoin reportedly paid a penalty of $41,000 and resumed operations in May 2024, while Binance faced charges and a fine of $2.25 million for servicing Indian clients without adhering to local Anti-Money Laundering rules. Alphonso confirmed that Bitget has applied for registration and is currently in discussions with regulators, following the same path as KuCoin and Binance.