Progress can not stop because of a few bad actors. So while FTX and companies with exposure to the now defunct exchange struggle to pick up the pieces, there are still examples of centralized exchanges forging a path forward as they look to expand operations through licensing and registrations. The following are a couple examples of this involving each BitPanda, and BitGet.
BitPanda Awarded License by BaFin
BitPanda recently shared that it has been awarded licensure by BaFin – the predominant German regulator overseeing digital assets. Citing its goal to continue expanding internationally, BitPanda indicates that this newly attained licensure will allow for it to “…actively market and offer services in the German market”.
More specifically, this licensing will allow for BitPanda to offer the following to clientele.
- Custodial services
- Proprietary trading of crypto assets
By attaining this licensing through BaFin, BitPanda continues to demonstrate its compliance with existing regulations. The exchange notes that it also holds, “…various VASP registrations, as well as MiFID II, E-Money and PSD II licences amongst all its core markets.”
While centralized exchange tokens have become a hot topic as of late, they still play a role in the world of digital assets. As such, we recently took a look at a few options on offer from more regulated exchanges – one of which is Bitpanda and its ‘BEST’ token.
Bitget Eyes Expansion with Registration in Seychelles
Meanwhile, digital asset exchange Bitget, has announced that it has registered in the island nation of Seychelles under the 2016 International Business Companies Act. Its goal? Increase in size by 50% in the coming months to meet anticipated growing demand through its planned global expansion.
Notably, Seychelles is becoming a hotspot for companies servicing the digital asset sector, playing home to the likes of MERJ, BitMex, and more. The reason for this was highlighted in commentary shared by Gracy Chen, Managine Director of Bitget. She states, “We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships, such as the Argentine football legend Lionel Messi and the Italian football club Juventus.
While technically based out of Singapore, Bitget now operates out of various hubs around the globe, forgoing a formal headquarters. Chen elaborate on this, and how the decision to operate through global hubs is helping the exchange establish itself within the sector. She states, “With a global footprint, Bitget fully embraces the concept of Web3, allowing the team to work in a decentralized way without a specific headquarters. We believe doing this can help us attract talent across borders as we are hyper-focused on growth and scaling up. It is crucial for us to recruit high-calibre candidates globally and set up regional hubs to aid local communication and coordination in strategic markets simultaneously.”
As it stands, Bitget indicates that its services are offered within 100 countries, and services more than 8 million accounts.