Bitget
Centralized cryptocurrency exchange
From Wikipedia, the free encyclopedia
Bitget is a centralized cryptocurrency exchange.
| |
Company type | Private |
|---|---|
| Industry | Cryptocurrency |
| Founded | 2018 |
| Headquarters | Unknown |
Area served | Worldwide |
Key people | Gracy Chen (CEO)[1] |
| Products | Cryptocurrency exchange, cryptocurrencies |
| Subsidiaries | Bitget Wallet |
History
Bitget was founded in 2018.[2]
In 2022, cryptocurrency wallet BitKeep (later rebranded as Bitget Wallet[2]) reported multiple security incidents. In October 2022, BitKeep's swap feature was exploited, resulting in losses of about US$1 million. Following a separate December 2022 hack linked to a counterfeit version of its app, BitKeep promised to reimburse affected users in USDT, paying back in split schedule. Blockchain security firm PeckShield estimated total losses from the December incident at about US$8 million.[3] In March 2023, Bitget acquired BitKeep, a non-custodial wallet, and rebrand as Bitget Wallet following a $30 million fundraise while undergoing management and security changes as part of the rebranding.[4]
In 2023, Bitget's Hong Kong-based subsidiary BitgetX (BGX) ceased operations and withdrew from the jurisdiction. OSL later said it had reached an agreement with BGX and would use about HK$710 million in net proceeds for regulated subsidiaries and working capital.[5][6] BGX denied affiliation with Bitget, while acknowledging a common shareholder and shared former CEO Pan Zhiyong.[7]
In May 2023, Bitget halted a pilot integration of ChatGPT into its customer service workflow after the system produced misleading or incomplete responses to user inquiries. Management of the company warning that relying solely on AI for decision-making was “very dangerous”. The exchange suspended the experiment after two weeks when most users who tried it reported a negative experience.[8]
Legal status
The platform has faced regulatory warnings in several jurisdictions.[9][10][11]
In 2021, Bitget listed and promoted ARMY, a token named after the BTS fanbase.[12] According to The Korea Times, Bitget's promotional posts described the token as existing for the "benefit of BTS" and suggested it aimed to support BTS members financially "for life".[13] BTS's management company Hybe threatened legal action over its promotion. After that Singapore's financial regulator suspended Bitget in connection with allegations of misleading marketing related to ARMY token.[14] Bitget later announced it would delist ARMY and keep withdrawals open for a limited period.[15]
