Bitget exec says KYC is useful to filter out illegitimate users
Bitget managing director Gracy Chen said that if users are not doing illegitimate activities like money laundering, they should be "pretty comfortable" with the KYC process.
Crypto exchange Bitget has grown significantly despite the challenges brought by the bear market. In 2023, the exchange announced two $100 million funds—one dedicated to crypto projects in Asia and another for maximizing the company’s long-term impact in the crypto space.
At the Bitget EmpowerX Summit held in Singapore, Cointelegraph’s Zhiyuan Sun spoke with Gracy Chen, the managing director of Bitget. The two spoke about Bitget’s growth amid the bear market, pausing its expansion in Hong Kong and the United States and why they believe that implementing Know Your Customer (KYC) protocols is important for exchanges.
According to Chen, the company grew ten times its original number just in two years. “For our company's employees we had about 150, 2 years ago and right now, 1500,” Chen said. The executive highlighted that this is a result of their efforts in the past few years and them being driven by results. Chen explained:
“We think it's like running a marathon. So what we've been doing and if you look at our team, it's a very operating result-driven team.”
The Bitget executive also mentioned a lot of their efforts from branding and product launches to the company’s partnership with soccer superstar Lionel Messi as some of the reasons for its growth over the past years. “In terms of the secret sauce, I guess it's because of these things that we are doing, we are growing,” she added. At the same time, the growth makes them “financially healthy” to do more activities according to Chen.
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