Crypto Exchange Bitget Lands Virtual Asset Service Provider License in Poland

Crypto exchange Bitget strengthens European presence with Polish license.

Bitget, a cryptocurrency exchange and digital asset trading platform established in 2018, received a Virtual Asset Service Provider (VASP) license in Poland.

According to the announcement shared on May 23rd, the new registration allows the crypto exchange to navigate the Polish crypto market.

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Bitget’s Managing Director, Gracy Chen, underlined the importance of regulation for the crypto industry’s future, citing it as instrumental in achieving mainstream adoption. 

We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. The recent registrations in the two European countries enhance our foothold and service in Europe.

Following the news about the Polish regulatory license, Bitget’s Q1 2023 update revealed some impressive figures.

The company’s staff count witnessed an increase from 1,000 to 1,300 members during the first quarter, with about 300 positions in compliance, business development, research and development, operations, and customer support.

Furthermore, the quarter brought about a substantial surge in Bitget’s User Protection Fund. Driven by the price recovery of Bitcoin (BTC) and other crypto assets, the fund added a robust $80 million to its book value, pushing it to $380 million.

Over the same period, Bitget observed a 27% quarter-over-quarter growth in futures trading volume, reaching a staggering $658 billion.

It is worth noting that recently, in April, the crypto exchange secured a similar license in Lithuania, opening up avenues for offering crypto services within and beyond the Baltic nation.

Earlier in 2023, crypto exchange Binance also registered as a VASP in Poland following the country’s introduction of new terms and conditions for blockchain companies to continue operations.

Bitget’s strategic moves, bolstered by regulatory licenses in Lithuania and Poland, signify its commitment to strengthening its European presence and fostering a regulated crypto environment.