The dubious cryptocurrency exchange Bitget is being promoted by numerous YouTubers in the German-speaking region via referral links like hot cakes. On the Bitget website, on the other hand, a potential investor is overwhelmed by the meaningless regulatory information. Under the navigation link „Regulatory License“, for example, it says, I quote verbatim:

„Compliance and Accountability We are committed to protecting your assets and we take this responsibility seriously. Our values help us make decisions that meet the needs of our community and have a sustainable impact on society.

We carry out our work in a transparent and competent manner. To keep up with the constantly evolving global compliance standards for cryptocurrencies, we work with our partners to ensure that our information is accurate and up-to-date and that our platform is secure. We offer our users services and products that reflect our industry-leading security standards and credibility.

In conjunction with our compliance assessments and annual reviews, we work with local regulatory authorities to ensure that our compliance standards meet regional requirements.“

Fact check: There is no regulatory license for either Germany or Austria! An investor who clicks on the link „Regulatory License“ expects to find information there about the corresponding regulation and the accompanying license. Apart from the above marketing mumbo jumbo, which is only a small excerpt, there is no mention of such approval. So under which license does Bitget operate in German-speaking countries like Germany or Austria?

There is no license from the Federal Financial Supervisory Authority (BaFin) or the Austrian Financial Market Authority (FMA). Therefore, it is not surprising, but welcome, that the FMA Austria recently issued an investor warning about Bitget.

Financial Market Authority Austria: Investor Warning Bitget / BG Limited

January 10, 2024 |

NOTICE

Attention! The FMA warns against entering into transactions with:

Bitget / BG Limited

allegedly based in the Seychelles

Web: bitget.com Link to external site. Opens in a new window.

E-mail: support@bitget.com Link to external site. Opens in a new window.;

institution@bitget.com;

vip@bitget.com;

BD@bitget.com

This provider is not authorized to conduct banking transactions subject to licensing in Austria. Therefore, the provider is not allowed to engage in commercial trading on own or third-party account (§ 1 para. 1 no. 7 Banking Act).

This publication is based on § 4 para. 7 Banking Act.

Privileged source: FMA Austria

My conclusion: Stay away from Bitget! Stay away from dubious crypto providers like Bitget, which are still active in the German-speaking region without licenses and are aggressively promoted by equally shady YouTubers – based on high or attractive commission payments for mediation and/or activity.

Beware of the crypto tricksters! I regularly warn you about dubious providers and methods. If the damage has already occurred and a damage event has occurred, the following points are advisable:

1. File a complaint with the police

2. Inform national supervisory authorities (BaFin, FMA, FINMA)

3. Pursuing legal action through a specialized lawyer – Our expert network is available to you for this purpose.

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