Bitget, a cryptocurrency exchange that has grown rapidly in recent years to one of the largest, is considering partnerships with U.S. firms to gain a foothold in America, encouraged by the incoming Trump administration’s likely pro-crypto stance.

Some of the largest crypto exchanges such as Binance, ByBit, OKX and Bitget are prohibited from serving U.S. citizens. Binance.US, the American arm of the largest exchange, has been all but squeezed out as part of a bruising $4.3 billion settlement between its parent company and U.S. authorities.

In early 2022, Bitget, which has daily trading volume of around $8 billion, considered starting the process of acquiring U.S. state licenses, said the exchange’s CEO, Gracy Chen. But after the collapse of FTX, the climate didn’t look favorable, not to mention the “ridiculously high” legal costs, combined with the prospect of competing directly with Coinbase, Chen added.

Even with the regulatory clarity for crypto in the U.S. that Trump might bring as president, a tangle of state-based licenses and various federal authorities await new entrants. That said, Bitget has experience forging mutually beneficial relationships: A

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Author: Ian Allison