International crypto exchange platform Bitget has been marketing its high-risk products across Australia, despite interference from the financial regulator.
The Australian Securities and Investments Commission (ASIC) rang the alarm on Bitget in July, warning investors about its unlicensed crypto asset futures products that were available at leverage 125 times in value.
By comparison, ASIC limits leverage ratios for certain crypto-asset derivative products to 2:1 to protect retail investors from massive losses.
“Bitget does not hold an Australian Financial Services (AFS) licence, meaning it is not permitted to promote or encourage Australian investors to invest in its financial products,” said the statement from ASIC.
But since the warning, Bitget has held multiple events across the country, spruiking its products, and in some cases, specifically targeting university students on campus.
Bitget held an event at UNSW’s Roundhouse earlier this month. (ABC News: Adelaide Miller)
Its own website states Bitget is the number one platform for buying Bitcoin in Australia, boasting 120 million users worldwide.
At a global crypto conference in November, Bitget chief marketing officer Ignacio Aguirre Franco used his time on stage to predict how younger Australians might start to use the products.
“We do feel that a lot of the people of these new generations maybe are going to have a crypto exchange account before they even have a bank,” he said.
Ignacio Aguirre Franco believes future generations may have a crypto account before a bank account. (ABC News: John Gunn)
It has left financial experts concerned there is a regulatory gap, allowing high-risk international crypto firms to continue operating in Australia without consequence.
“Tools like [Bitget] aren’t there to make investors money, they’re there to make platforms, crypto exchanges money, and an inexperienced investor can get hurt pretty badly if they don’t know the rules,” said wealth management professional Nathan Ide.
When the regulator was asked if it was aware of Bitget’s marketing events across the country, a spokesperson said: “ASIC is currently considering these matters further, in line with its normal approach.”
It comes as the Corporations Amendment (Digital Assets Framework) Bill 2025 passed both houses of parliament yesterday, regulating digital asset platforms and cryptocurrency exchanges.
Digital asset platforms in Australia have until the end of June to comply with new financial service licensing requirements, or cease operations.
Just like gambling
While Nathan Ide said there were crypto firms that operated ethically in Australia, he said some, like Bitget, were the equivalent of gambling.
Nathan Ide says Bitget’s futures asset crypto product is like gambling. (Supplied: Nathan Ide)
Mr Ide, who has nearly two decades of financial markets experience, said that was because for every $1 an individual bought on the Bitget platform, they could purchase up to $125 worth of digital currency, allowing for dramatic wins and losses.
“I do have a massive objection to that … it only takes a very little market movement for somebody to lose their money very quickly,” he said.
“With gambling, it’s that the house always wins, and I feel the house always wins with enabling individuals to trade with leverage like that.”
There has been extreme volatility for the world’s most popular cryptocurrency, Bitcoin, in the past 12 months.
It reached a high of $US126,000 before plunging, now trading about $US68,000.
The Southern Hemisphere’s largest crypto event was held in Sydney in November. (ABC News: John Gunn)
Several other regulators have also taken action against Bitget entities, including in Spain, Japan, Germany and Canada.
France blacklisted Bitget’s operation in 2024, before Bitget decided to withdraw its services in the country in March this year, stating it was unable to comply with laws and regulatory requirements.
Despite this, in a previous statement to the ABC, a spokesperson for Bitget said it was “pursuing licenses in more than 15 markets”.
While Bitget is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), allowing it to offer its exchange services in Australia, a licence has not been granted.
A spokesperson for ASIC said Bitget did not hold an Australian financial services (AFS) licence and Australians should be cautious about investing in unlicensed products and services.
“Australians who invest in unlicensed products do not have access to important protections when things go wrong under law, such as external dispute resolution through the Australian Financial Complaints Authority (AFCA),” the spokesperson said.
Thousands of people attended the Australian Crypto Convention in Sydney. (ABC News: John Gunn)
The lack of protection concerns Mr Ide.
“There’s been consumer warnings out there for different entities, yet they continue to market, they continue to allow consumers to download their platforms online,” he said.
“The gap between the regulation and what some entities are doing, [and] the ethics behind that is really what troubles me.”
ASIC has said: “We recognise that firms will need time to consider the updated guidance and apply for licences, so ASIC has granted a sector-wide no-action position until 30 June 2026.”
Financial licence protects consumers
Apollo Crypto head of research Pratik Kala says the regulatory changes Australia is introducing are a “net positive”.
Pratik Kala says regulatory action in Australia is a positive move. (Supplied: Pratik Kala)
“With these regulations, [consumers will] be protected … they can rely on their assets being held in a secure and transparent manner,” Mr Kala said.
“Previously, crypto exchanges could take Aussie investor money and send it anywhere with little transparency.”
Under a financial licence, crypto firms will be required to maintain strong governance and risk controls, provide clear information about their assets and rights, and avenues for dispute resolution and compensation if things go wrong.
“These reforms strengthen consumer protections and modernise Australia’s regulatory system,” said the Assistant Treasurer and Minister for Financial Services, Daniel Mulino, at the time of the announcement.
Digital asset platforms in Australia have until the end of June to comply with new requirements. (AP: Rick Bowmer/ File)
Mr Kala said while accredited investors had always had access to equity from private banks, it had never been at a leverage of 125 times the value, nor had it been available to just anyone.
“Let’s be honest, the average 30-year-old punter doesn’t really know how some of these products work and they’ll most likely just get wiped out,”
he said.
He agreed with Mr Ide that products operating with such leverage were just as dangerous as gambling.
“A lot of people like it because they can make money very quickly, but vice versa, they can also lose money very quickly,” he said.
“I think for the majority of people that are not sophisticated, it’s horrible.”
In a statement to the ABC, a spokesperson for Bitget said: “While we are unable to share details on Bitget’s licensing process right now, we remain committed to engaging constructively with ASIC to operate compliantly in Australia.”
Originally written by: Adelaide Miller
Source: ABC
Published on: 2 April 2026
Link to original article: Crypto exchange platform markets in Australia despite ASIC intervention
