Farid Mahmoodi, Director of the International Research Network on Cryptocurrencies and Yields (IRNCY), accused Bitget of destroying his livelihood by freezing his account and evading responsibility through deceptive regulatory tactics. The statement was made in a personal exposé.
"I lost access to my strategy, missed critical profit opportunities, and watched helplessly as months of disciplined trading were destroyed overnight," said Mahmoodi. "My entire livelihood had been tied to this platform — and suddenly, it vanished with no accountability. They are exploiting the lack of EU-wide enforcement, banking access via intermediaries like OuiTrust, and the false appearance of legitimacy. This is not just a case of platform misconduct. It is a failure of European governance."
A detailed whistleblower account published in May 2024 by an EU-based investor raised serious concerns about Bitget's operations and the illusion of regulatory protection within the European Union. In the Medium post, the author describes how Bitget froze access to a €30.8 million trading account, citing vague Anti-Money Laundering (AML) violations without formal notice or due process, and refused to provide substantive communication. Despite Bitget claiming EU Virtual Asset Service Provider (VASP) registrations, the author found no effective enforcement mechanisms across Cyprus, Lithuania, or other involved jurisdictions. This case underscores growing concerns that fragmented EU oversight allows crypto firms to engage in harmful practices while remaining shielded from accountability.
Bitget has encountered numerous consumer complaints regarding account freezes and lack of support. Users have reported sudden account suspensions without clear explanations, with some accounts holding significant amounts of cryptocurrency. In one instance, a user reported their account containing 8,000 USDT was inexplicably blocked, and despite multiple attempts to contact support, they received no assistance. Such incidents have raised concerns about Bitget's customer service and risk management practices.
In November 2023, France's Autorité des Marchés Financiers (AMF) blacklisted Bitget for operating without proper authorization, warning investors of potential risks and reserving the right to block the platform's website. Despite this action by AMF, Bitget continued to offer services in France and other EU countries, allegedly leveraging registrations in Poland and Bulgaria to bypass stricter regulations. In Cyprus, the Cyprus Securities and Exchange Commission (CySEC) announced it would cease accepting applications for Crypto Asset Service Provider (CASP) licenses under national law as of December 30, 2024, pushing firms like Bitget to comply with the EU's Markets in Crypto-Assets (MiCA) regulation.
Founded in 2018, Bitget is a cryptocurrency exchange offering services like spot trading, futures trading, and copy trading. Headquartered in Seychelles, the company has expanded its operations globally, securing VASP licenses in countries including Bulgaria, Poland, and Lithuania. Bitget is actively preparing for compliance with MiCA regulation and plans to establish a regional hub in Lithuania. Despite regulatory challenges, Bitget continues to position itself as a leading platform in the crypto industry.