- Bitget reports ATH trading volumes and user activity.
- The user base expanded from 20 million to 45 million.
- Exchange re-launches operations in the UK.
With Bitcoin reaching an all-time high of $87k, crypto market activity is seeing a major surge. Crypto exchanges are among the biggest beneficiaries of this development.
Most recently, Bitget reported a major surge in trading volume and users. The exchange reached an all-time high (ATH) trading volume and significantly increased user count. At the same time, Bitget is also relaunching its operations in the United Kingdom.
Bitget Reaches Record Metrics
The crypto bull market is boosting exchange numbers. On Wednesday, November 13, Bitget revealed its latest metrics, showing significant growth. The latest figures put Bitget at the third spot in futures trading, at $77 billion, trailing only behind Binance and OKX.
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The derivatives volume also saw significant growth. In November, the figure reached $1.51 trillion, an all-time high for the exchange. Moreover, in the last 24 hours, derivatives volume rose 1.7%, reflecting a broader growth in the crypto market.
Bitget also saw major growth in its user count. In November, user growth was 125% yearly, increasing from 20 million to 45 million. The exchange credits these figures to its unique features, including a particular focus on beginner-friendly copy trading.
Bitget Relaunch in UK Under FCA Rules
Other than the growth in user base, Bitget is also expanding geographically. On Wednesday, Bitget also announced a re-launch of its operations in UK. The move comes after the platform was restricted in the country following new regulations in 2023.
Thanks to a partnership with Archax, Bitget was able to comply with UK regulations. This exchange was authorized for trading with the UK’s FCA in 2020, enabling Bitget to get the necessary approvals to offer and market its services in the UK.
Bitget’s CEO, Gracy Chen, emphasized the importance of adhering to local regulations. “By aligning our services with local regulations, we aim to build a long-term, sustainable presence in the UK market,” she explained.
On the Flipside
- Bitget Wallet also saw significant growth. In August, the wallet gained 30 million users, seeing bigger growth than Metamask.
- Bitget’s recent growth was not without issues. In early October, Bitget’s BGB token experienced a flash crash, briefly dropping 50% due to a glitch. After the incident, the exchange promised to compensate users who lost money.
Why This Matters
Bitget’s record performance showcases the broader growth in the crypto market. As crypto assets reach record volumes, more traders are joining the market.
Read more about Bitget’s latest initiatives:
Bitget Tightens Token Listing Rules to Fight Exit Scams, Rug Pulls
Read more about the latest in the FTX case:
DOJ to Seize $16M in FTX Bribes, Mostly in Solana
