BitGet
| ISIN | 🆔 |
|---|---|
| Founded 📆 | 2018 |
| Founder 👔 | |
Area served 🗺️ | |
| Services | Cryptocurrency exchange |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Bitget is a Seychelles-incorporated cryptocurrency derivatives platform[1], best known as a partner of Lionel Messi and for several controversies.[2]
History
The company was founded in 2018 in Singapore. Later, they moved to Seychelles due to sanctions from the Monetary Authority of Singapore and FSA.[3] Bitget's listing of Army Coin and subsequent marketing campaign attracted attention from BTS and Hybe Corporation, causing the exchange to receive a lawsuit.[4]
Since 2021, the exchange has approached many sports brands to cooperate, including Juventus[5], Lionel Messi[6] and Galatasaray.[1]
On July 19, 2023, Bitget revealed a partnership with Advcash, the payment processor fully controlled by the Russian Federation[7], to launch the fiat gateway service. The exchange stated that “collaboration aligns with its mission to enhance accessibility and drive the adoption of cryptocurrencies”[2], while at the same time, Binance terminated its agreement with Advcash[8] amid investigations by U.S. authorities into money laundering and sanctions violations against the Russian Federation.[9][10] Binance and its former managing director Changpeng Zhao pleaded guilty, agreeing to a record $4.3 billion fine.[11]
On August 3, 2023, cryptocurrency exchange Bitget froze an account of Evan Luthra, who ran marketing for the ReelStar company, which made the REELT token as a utility for their social media app. Luthra accordingly received 7.5 million tokens, out of which he sold 1.3 million on Bitget, but was rapidly banned due to suspicion of insider trading.[12] Luthra denied any wrongdoing, asserting that he had received approval from the CEO of ReelStar, Navdeep Sharma, to sell part of the tokens as compensation. He further emphasized that his actions were not unusual at Gate.io and MEXC, where no objections had been raised to his token sales. As a result of the dispute, Luthra has filed a lawsuit against Bitget, seeking $16 million in damages. The trial aims to shed light on the situation and hold the controversial exchange accountable for what Luthra perceives as an unjustified account freeze.[13]
Similar cases
- KuCoin - In March 2023, the New York Attorney General (“AG”) sued the exchange, accusing it of failing to register with the state before letting investors buy and sell cryptocurrencies on its platform. At the end of 2023, it agreed to stop operating in New York and pay $22 million in fines and restitution.[14]
- ByBit - On October 6, 2022, the European Union adopted the eighth package of anti-Russian sanctions. A number of restrictions include a ban on all cryptocurrency wallets, accounts and storage of cryptoassets of Russians, regardless of the amount (previously an amount of 10,000 euros was allowed).[15] However, cryptocurrency exchange Bybit refused to impose restrictions on Russian users after the MAS claimed that pro-Russian groups were using crypto platforms to raise funds for the Russian army.[16]
References
- ↑ Global, CoinNess (2023-11-15). "Bitget withdraws from Hong Kong crypto market". Medium. Retrieved 2024-01-10.
- ↑ "Japanese Watchdog Flags Messi-Endorsed Bitget". Financial and Business News | Finance Magnates. 2023-04-03. Retrieved 2024-01-06.
- ↑ "Регулятор Японии направил предупреждение незарегистрированным биржам Bybit, МEXC Global и Bitget :: РБК.Крипто". РБК Крипто (in русский). 2023-04-03. Retrieved 2024-01-10.
- ↑ Ni, Vincent (2021-12-05). "Singapore suspends crypto exchange over row with K-pop band BTS". The Guardian. ISSN 0261-3077. Retrieved 2024-01-10.
- ↑ "Crypto Exchange Bitget Inks Sponsorship Deal with Juventus Women's Team". Financial and Business News | Finance Magnates. 2023-03-08. Retrieved 2024-01-10.
- ↑ "Daily Crypto(@Daily_Crypto)'s insights". Binance. Retrieved 2024-01-10.
- ↑ tamir (2023-07-27). "Advcash: The Russian Payment Processor Is Used To Circumvent Western Sanctions | FinTelegram News". Retrieved 2024-01-06.
- ↑ "Binance to Shut Down Ruble Payment Partnership". WSJ. Retrieved 2024-01-06.
- ↑ tamir (2023-11-03). "Binance Allegedly Terminates Partnership With Notorious High-Risk Payment Processor Advcash! | FinTelegram News". Retrieved 2024-01-06.
- ↑ Ponciano, Jonathan. "Report: U.S. Officials Investigating Crypto Exchange Binance Amid Market's Massive Boom". Forbes. Retrieved 2024-01-06.
- ↑ "Office of Public Affairs | Binance and CEO Plead Guilty to Federal Charges in $4B Resolution | United States Department of Justice". www.justice.gov. 2023-11-21. Retrieved 2024-01-06.
- ↑ "Evan Luthra Sues Bitget Exchange For Account Freeze, Crypto Leaders Show Support". Forbes India. Retrieved 2024-01-06.
- ↑ "Bitget Exchange Faces Lawsuit by Advisor of ReelStar Token Project After the Listing Goes Sour". Yahoo Finance. 2023-08-03. Retrieved 2024-01-06.
- ↑ "KuCoin to Pay $22 Million, Exit NY Market to Resolve Lawsuit". Bloomberg.com. 2023-12-12. Retrieved 2024-01-06.
- ↑ Харитонова, Анна (2022-11-04). "Криптобиржа Bybit отказалась вводить ограничения против россиян". BeInCrypto (in русский). Retrieved 2024-01-06.
- ↑ "MAS reminds cryptocurrency exchanges in Singapore to comply with sanctions against Russia". CNA. Retrieved 2024-01-06.
External links
Media related to [[commons:Lua error in Module:WikidataIB at line 466: attempt to index field 'wikibase' (a nil value).|Lua error in Module:WikidataIB at line 466: attempt to index field 'wikibase' (a nil value).]] at Wikimedia Commons
- Lua error in Module:Official_website at line 90: attempt to index field 'wikibase' (a nil value).
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