Crypto: Bitget Registered with the U.S. Authorities

Crypto-related companies across the world would like to expand their services. For example, a crypto derivatives platform from Singapore, registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Bitget registered as a money service business.

The primary market of this crypto derivatives platform was Asia. However, Bitget decided to enter the U.S. market. Let’s have a look at Bitget. It provides crypto trading services, for retail and institutional investors. Bitget was established in 2018.

In the beginning, Bitget started as a spot exchange before pivoting into derivatives in the summer of 2019. Based on the information, provided by the spokesperson of Bitget, the average trading volume per day is around $1 billion.

Importantly, by registering with the FinCEN Bitget made a big step forward, it can operate as a legitimate exchange, anywhere in the U.S. However, this is not the end of the story, as it should obtain state-level licensing to conduct most operations.

As stated above, the main market of a crypto derivatives platform from Singapore was Asia. Interestingly, nearly two-thirds of its clients are from China. However, China was the only market of Bitget, as it operates offices in South Korea and Japan.

In February 2020, it received a license exemption from the Monetary Authority of Singapore. Thus it can operate as a virtual currency service provider, without further regulatory approval until the end of summer.

U.S. tech giant Microsoft and crypto-related patent

Another news connected with the crypto industry comes from world-famous company Microsoft. Last week, the tech giant filed an application with the World Intellectual Property Organization.

According to the application, Microsoft proposed a system to mine cryptocurrencies thanks to data collected from the humans.

U.S. tech giant has an interesting system. Based on the information, provided by Microsoft, sensors could detect activities associated with a specific task. For example, when a person is looking at the advertisement, it will be possible to convert this activity into computer-readable data. This way it will be possible to solve computational problems.