The Australian Securities & Investments Commission (ASIC) has issued an investor alert warning Australians against investing in unlicensed cryptocurrency futures products offered by BTG Technology Holdings Limited and its related entities (Bitget). ASIC said Bitget does not hold an Australian Financial Services (AFS) licence and is therefore not permitted to promote or encourage Australian investors to invest in its financial products, leaving investors in unlicensed products without key protections such as internal dispute resolution and client money protections. Marketed as “crypto futures trading”, the products are offered via the Bitget website and app, which ASIC noted is available for download in Australia through major app platforms. ASIC highlighted that these are high-risk derivative products that can be significantly leveraged and pointed to its leverage limit of 2:1 for certain cryptocurrency derivative products for retail investors, compared with Bitget’s offering of up to 125:1 leverage. The alert also notes Bitget is registered with AUSTRAC to provide exchange services in Australia but is not licensed to carry on a financial services business, and references regulatory actions and warnings by multiple overseas regulators since 2022; ASIC added that Bitget has recently included disclaimers stating it is not licensed or authorised by ASIC and that its services are not intended for individuals residing in Australia.

Original source View in tracker