Crypto Caution Urged as ASIC-Flagged Exchange Targets Australians

Crypto exchange platform Bitget, which drew a warning from the Australian Securities and Investments Commission (ASIC) last year, is reportedly marketing to Australians.

Bitget does not hold an Australian Financial Services (AFS) licence, meaning it is not permitted to promote its services to Australians.

One of the most serious concerns around Bitget is that its unlicensed products offer leverage of up to 125:1, while ASIC caps leverage for certain crypto asset derivatives at 2:1 to limit potential losses.

While crypto markets are known for their volatility, high leverage ratios magnify these price swings, significantly increasing risks for investors. At 125:1 leverage, a 0.8 percent price move can result in a total loss.

In a statement in July 2025, ASIC said the lack of licencing meant Australians engaging with Bitget were unable to access consumer rights and protections under Australian financial services laws when things went wrong.

“Bitget’s futures products are high-risk, derivative investments in which investors can speculate on future movements in crypto asset prices,” it said.

“These products can be significantly leveraged, meaning a small amount of capital is required from investors to hold a sizable position in the underlying asset, magnifying both potential gains and losses.”

Since the warning was issued, Bitget has reportedly co-hosted several events promoting its services in Australia, including a networking event celebrating International Women’s Day in March.

According to the company’s Q1 2025 transparency report, Bitget has more than 120 million users, with a total trading volume of US$2.08 trillion (A$3 trillion).

The Epoch Times has reached out to Bitget and the ASIC for comment.

Caution Against Crypto Trading

Economist Saul Eslake said people should only invest money in crypto that they are prepared to lose entirely, given the high likelihood of losses.

“They need to understand that crypto has no intrinsic value or alternative use unlike gold or silver, it doesn’t pay interest like bonds or bank deposits or dividends like shares, it doesn’t confer an ownership stake in something that might have value like property or shares. It is only worth what someone else thinks it is worth,” he told The Epoch Times.

Eslake said the industry was rife with dodgy operators who would often make clients a quick profit to lure them into further investments.

“And then when you do want your money back, (they) ‘disappear’ or find ‘regulatory reasons’ why you can’t get your money back, or need to send them even more money in order to get back what you’ve already given them,” he said.

“So ask for references, ask for proof that they are who they say they are and that they are legitimate.

“While it is certainly true that a lot of people have made a lot of money out of crypto, including Donald Trump and his family, it is an extremely high risk investment.”