Bitget Exec , says KYC is useful

Crypto News- Bitget Exec, despite the challenges posed by the bear market, Bitget, the cryptocurrency exchange, has experienced substantial growth. In 2023, the exchange made headlines by unveiling not one but two impressive $100 million funds: one aimed at supporting cryptocurrency projects in Asia and the other geared towards strengthening the company’s long-term presence in the ever-evolving crypto landscape.

Bitget Exec , says KYC is useful

During the Bitget EmpowerX Summit, which took place in Singapore, Zhiyuan Sun from Cointelegraph had an insightful conversation with Gracy Chen, Bitget’s managing director. Their discussion delved into a variety of topics, including Bitget’s remarkable growth in the face of the bear market challenges, their strategic decision to temporarily halt expansion efforts in Hong Kong and the United States, and their unwavering commitment to implementing Know Your Customer (KYC) protocols, elucidating the significance of these protocols for cryptocurrency exchanges.

Chen reported an astonishing growth trajectory for the company, revealing that within a mere two-year span, they had expanded their workforce tenfold. “Just two years ago, we had approximately 150 employees,” Chen noted, “and today, that number stands at 1500.” This remarkable surge, as per the executive, underscores the fruits of their labor over the past few years, driven by a relentless pursuit of tangible results.

We think it’s like running a marathon. So what we’ve been doing and if you look at our team, it’s a very operating result-driven team.

Gracy Chen

The Bitget executive also attributed their impressive growth in recent years to a series of strategic initiatives, including branding efforts, product launches, and a high-profile partnership with soccer icon Lionel Messi. She remarked, ‘When it comes to the secret sauce, I believe it’s these endeavors that have fueled our growth.’ This growth has not only bolstered their financial health but also enabled them to pursue an expanded range of activities, according to Chen.

We want to wait and see how it develops and then make a decision on whether we want to serve the US customers or not. This is something that has always been developing, but I don’t see us serving the US market in the short term.

Gracy Chen

Regarding their operations in Hong Kong, Chen disclosed that Bitget is actively engaged in discussions with the Hong Kong government and is presently in the application process for obtaining a license in the special administrative region.

Chen also offered insights into the rationale behind the exchange’s decision to implement mandatory Know Your Customer (KYC) requirements for all users as of September 1st. She acknowledged that some users initially expressed reservations about the new requirement. Nonetheless, the executive firmly holds the belief that the adoption of KYC serves as an effective means of filtering out “illegitimate” users, reinforcing the exchange’s commitment to a secure and compliant trading environment.