The leading cryptocurrency exchange, Bitget, has announced its ambitious plans to expand its operations into the Middle East region, with a particular focus on the United Arab Emirates and Bahrain. Following the trend of other major exchanges like Binance, Bybit, and OKX, Bitget sees the potential in the Middle East’s rapidly growing cryptocurrency market. The move is part of Bitget’s broader strategy to establish a global presence and promote the adoption of blockchain and cryptocurrencies worldwide.
Dubai’s Emergence as a Cryptocurrency Hotspot
Dubai, the financial heart of the UAE, has emerged as a hotbed of cryptocurrency activity in recent years. The Emirate’s friendly approach to the cryptocurrency industry has attracted numerous companies seeking to tap into the region’s market. By setting up an operational hub in Dubai, Bitget aims to capitalize on the opportunities presented by the UAE’s favorable regulatory environment and growing interest in digital assets.
To support its expansion into the Middle East, Bitget plans to establish regional headquarters and hire between 30 to 60 team members over the next two years or more. These new employees will be tasked with handling crucial mid-office and back-office functions to facilitate the company’s growth in the region. According to Bitget’s Managing Director, Gracy Chen, the move is not merely a business decision but a manifestation of the exchange’s core values, centered around advancing blockchain and cryptocurrency adoption globally.
Navigating Regulatory Compliance
Bitget is cognizant of the importance of securing the necessary licenses from domestic regulators to operate in the Middle East. Obtaining regulatory approval is a top priority for the exchange as it will enable them to open regional offices and provide services to customers in compliance with local laws and regulations. By diligently addressing regulatory requirements, Bitget aims to build trust and credibility within the Middle Eastern market.
Despite facing a challenging market environment and negative events in the cryptocurrency sector, Bitget has demonstrated resilience and success. The exchange’s derivatives trading volume saw significant growth, reaching $204 billion following the collapse of FTX, compared to an average figure of $194 billion six months prior. Additionally, Bitget’s strategic partnerships with Juventus, one of Italy’s most prominent soccer clubs, and the legendary footballer Lionel Messi as its brand ambassador have further bolstered the exchange’s reputation and visibility in the global market.
Apart from its Middle East expansion plans, Bitget has also expressed its intentions to increase its workforce by 50% in Africa, going from 800 workers to 1200. Engineers and marketing professionals are among those that could play a vital role in supporting Bitget’s mission to expand its presence on the African continent.