Cryptocurrency exchange Bitget is taking a significant stride towards global expansion by venturing into the Middle East. The company plans to set up an office in downtown Dubai and is eyeing opportunities in Bahrain and the UAE.
Furthermore, Bitget has already begun the hiring process to fill around 60 new positions in the region, ranging from middle- to back-office roles. This will support its long-term vision of establishing a regional headquarters.
Bitget Opens Dubai Office and Eyes Regional Headquarters
With its sights set on robust growth, Bitget announced the inauguration of its Dubai office through a press release. This strategic move aims to bolster the platform’s operations in the Middle East, marking a significant step towards its plans to scale up in the region.
The new office in downtown Dubai will serve as a support center for the company’s expansion efforts. Moreover, Bitget is actively exploring the potential of making Dubai its operational hub for the Middle East market.
Beyond the business-driven agenda, Gracy Chen, the managing director of Bitget, underscored the company’s commitment to advancing blockchain and cryptocurrency adoption worldwide. The expansion into the Middle East is a manifestation of their core values. It further aims to facilitate and promote the use of digital assets across the globe.
Additionally, Bitget’s expansion plans align with the trend of US-based cryptocurrency exchanges seeking opportunities beyond their domestic market. The rising regulatory challenges faced in the United States have prompted many companies to seek growth in international markets.
Gemini and Coinbase’s Pursuit of Asia-Pacific Growth
Gemini, another US-based cryptocurrency exchange, recently announced its intention to expand into the Asia-Pacific (APAC) region. Recognizing the potential for crypto growth in the APAC region, Gemini aims to expand its team in Singapore and establish an engineering division in India. Over 100 new employees are expected to be hired to support the company’s expansion.
Coinbase, the largest US-based cryptocurrency exchange, has also set its sights on the APAC region. Specifically targeting Singapore, a crypto-friendly financial hub, Coinbase has been expanding its services to cater to the region’s burgeoning crypto market.
Rising Regulatory Scrutiny in the US
Amidst global expansion efforts, US-based crypto platforms have come under heightened regulatory scrutiny in their home country. The US SEC has taken legal action against several major exchanges, including Binance and Coinbase, alleging violations of registration and offering requirements.
As a result of this regulatory hostility, these companies seek growth opportunities in more favorable international markets.