Bitget actively engaged in talks to acquire license in India

Bitget, a prominent cryptocurrency exchange, is collaborating with Indian regulatory authorities to acquire the necessary licenses for operating in accordance with local laws.
On July 3, Bitget made an official announcement stating that they are engaging in discussions with India’s Financial Intelligence Unit (FIU) to secure the Virtual Asset Service Provider (VASP) registration.
Simran Alphonso, the head of global communications at Bitget, emphasized that obtaining this registration would pave the way for complying with tax regulations and ensuring operational transparency, unlocking opportunities for hosting meetups, engaging with the community, and conducting educational initiatives. Alphonso highlighted that such registration enhances the reliability and credibility of a crypto exchange.
Furthermore, Alphonso mentioned that the FIU registration plays a crucial role in safeguarding consumers by providing mechanisms for dispute resolution, fraud compensation, and aiding in the pursuit of fraudulent entities.
Despite currently operating in India, Bitget faces constraints in onboarding new users due to the limitations stemming from the absence of VASP registration. Alphonso refrained from disclosing the specific cryptocurrency services being provided to existing users in India.
Expressing confidence in serving the Indian market, Alphonso underscored that India holds significant importance as a high-priority market for Bitget.
This move by Bitget to enhance compliance in India follows the recent approvals granted by India’s FIU to major global exchanges, including Binance and KuCoin, in May 2024. These approvals restored the legal standing of these exchanges in India following noncompliance notices issued in late 2023.
In response to compliance issues, the Apple App Store in India had blocked various crypto exchange apps, including those of Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC in December the previous year.
Subsequently, KuCoin reportedly paid a fine of $41,000 and recommenced operations in May 2024. Additionally, the FIU penalized Binance with a $2.25 million fine for serving Indian clients without adhering to local Anti-Money Laundering regulations.
Alphonso highlighted that, similar to KuCoin and Binance, other global exchanges have paid penalties and are in the process of completing registration to restore full services. Bitget, too, has applied for registration and is currently in discussions with regulators to ensure compliance.
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