In early January, Bitget announced that its TradFi segment had completed several weeks of internal testing and subsequently launched a public test, introducing traditional financial products such as foreign exchange and precious metals to the cryptocurrency trading platform. This move is not merely about "adding a few more products," but rather attempts to rewrite the connection between cryptocurrency exchanges and traditional assets, accelerating the flow of capital, trading habits, and risk preferences between the two worlds. With the opening of the TradFi entry, Bitget's platform positioning, competitive landscape, and potential risks are also being re-evaluated, leading to heated market discussions about whether it is broadening its moat or betting on a high-risk new battlefield.

Bitget TradFi Internal Testing and Launch Progress

During the internal testing phase, Bitget positioned the TradFi segment as an independent track to accommodate trading of traditional assets such as foreign exchange and precious metals, running parallel to the existing cryptocurrency derivatives system. According to briefing information, the internal testing lasted for several weeks and was opened in batches: first to a small group of invited users, then gradually expanding the application quota to test the performance of the matching engine, risk control, and settlement processes under new assets. Official data shows that during this period, the TradFi segment attracted thousands of users to submit internal testing applications, with cumulative trading volume reaching billions, far exceeding the team's conservative expectations for the initial trial phase. Especially during major foreign exchange market trading hours in Europe and the U.S., the matching depth and spread performance of some foreign exchange products and gold contracts on the platform have approached the levels of some mid-sized contract-for-difference platforms.

After completing the internal testing, Bitget officially announced the public testing plan for the TradFi segment in early January, gradually opening trading permissions to users in more compliant regions. In terms of launch strategy, the team did not roll out all designed contracts at once but prioritized the most liquid and highly regarded categories, including major foreign exchange currency pairs related to the U.S. dollar, gold, and some precious metal contracts, as well as index contracts highly correlated with global macro sentiment. The official statement emphasized that the goal of this public testing phase is not simply to pursue trading volume but to continuously refine risk control parameters and liquidation mechanisms in a real market environment to avoid extreme liquidation situations caused by the volatility of traditional assets combined with high leverage. The briefing also mentioned that multiple rounds of stress testing were conducted during the internal testing phase for extreme market conditions, including simulating the release of important macro data and major central bank meetings, with results showing that the system's performance in terms of matching delays and risk threshold triggers generally met preset standards.

Bitget's Cross-Border Product and Mechanism Design

In this round of TradFi expansion, Bitget did not simply replicate the old paths of foreign exchange or precious metal platforms but restructured its product framework around its existing advantages in cryptocurrency derivatives, deeply binding "the price volatility of traditional assets" with "the leverage and margin system of the crypto world." In contract design, Bitget adopted a contract-for-difference (CFD) approach, combining it with its mature USDT margin model, allowing users to use cryptocurrency as a unified margin to directly participate in long and short bets on foreign exchange, gold, and other assets. The briefing indicated that the first batch of contracts in the public testing phase maintained relatively restrained leverage multiples and margin ratios, with the team controlling potential liquidation risks within acceptable ranges through tiered margin requirements and more conservative liquidation lines to avoid large-scale liquidations in cases of non-extreme volatility in traditional assets.

In terms of risk control, Bitget introduced the concept of independent risk units, isolating the risk management of TradFi contracts from cryptocurrency contracts in the risk engine. This means that when extreme market conditions occur in foreign exchange or gold, their risk exposure will not directly impact the margin pool of spot or cryptocurrency contracts. The team mentioned in the briefing that during the internal testing phase, historical "flash crash moments" were used as templates for stress testing, continuously simulating margin consumption rates, insurance fund replenishment capabilities, and liquidation processes. In multiple rounds of abnormal market scenario playback, the system was able to complete liquidations and settlements within the preset time window. Additionally, Bitget incorporated more flexible position management tools into its product structure, such as split position modes, trailing stop losses, and multi-level warning reminders, to accommodate the trading habits of traditional asset participants who emphasize "risk control first."

In terms of trading experience, Bitget aims to leverage its accumulated matching and UI experience in the cryptocurrency derivatives field to further lower the barriers to entry for relatively complex foreign exchange and precious metal trading. Users can view the positions of both cryptocurrency contracts and TradFi contracts within the same trading interface, managing leverage and margin uniformly, thus reducing the costs of switching between markets. The briefing indicated that during the internal testing phase, many participants reported that "not needing to change trading software or relearn a new order logic" was one of the key reasons they were willing to frequently try TradFi products. Meanwhile, Bitget also re-attracted small and medium-sized capital users, previously considered "marginal groups" by traditional foreign exchange platforms, by lowering the minimum transaction size and providing a lower initial threshold.

Differences and Potential Advantages Compared to Exchanges like BitMEX and Binance

Compared to BitMEX, which attempted to launch traditional asset products early on, and Binance, which has a longer history in the contract and CFD space, Bitget's current TradFi cross-border strategy does not intend to engage in direct competition over the number of product categories or extreme leverage. Instead, it emphasizes a path of "single margin, multi-market applicability" and "unified trading experience." From the information provided in the briefing, Bitget appears to be more cautious in its product rhythm, avoiding the simultaneous rollout of too many niche products and not stacking extreme leverage to attract high-risk speculative trading. Instead, it chooses to stabilize the operation of mainstream products that have the highest trading demand and best reflect the linkage between traditional assets and cryptocurrency sentiment before adjusting the order of product expansion based on user behavior.

Unlike the stock index and commodity derivatives launched by BitMEX in its early years, Bitget places greater importance on the independence of risk isolation and liquidation processes at the system architecture level. By operating the TradFi segment as a relatively independent risk pool, Bitget attempts to avoid situations where traditional asset flash crashes drag down the entire platform's margin structure. Additionally, in terms of user outreach, Bitget fully utilizes its existing global user base in the cryptocurrency field, embedding TradFi products directly into the original trading entry, rather than creating a separate sub-brand or independent sub-site like some platforms. This integration approach helps reduce the educational costs of new products and avoids liquidity fragmentation caused by users frequently migrating between different systems.

In terms of pricing and matching, although the briefing did not disclose specific fee structures or list the first-tier liquidity providers relied upon, it is evident that Bitget is attempting to attract price-sensitive traders through tighter spreads and a responsive matching engine in this round of layout. Unlike some platforms that focus on "extreme leverage" and "short-term volume increases," Bitget chooses to build the long-term competitiveness of the TradFi segment with "more controllable risk parameters + lower cross-market costs," which aligns with the mid-to-long-term user profiles accumulated in the contract market over the past few years through copy trading and risk control tool optimization.

Ambiguity in FSC Regulation and Compliance Boundary Controversies

As the public testing of Bitget's TradFi segment progresses, discussions surrounding its compliance boundaries are also heating up. The briefing mentioned that the regulatory framework proposed by the local financial regulatory authority, FSC, has certain ambiguities in its applicability, particularly regarding how to define the legal boundaries between "traditional financial derivatives" and "contract products based on cryptocurrency assets," which have not been fully clarified in operational details. This means that Bitget's move to introduce traditional assets such as foreign exchange and precious metals to the cryptocurrency trading platform cannot directly apply existing regulatory texts and must seek operational space within a "gray area."

This uncertainty provides Bitget with strategic flexibility, allowing it to occupy a position in a field that has not yet been fully regulated and explore new product forms and risk control architectures. However, it also leaves the market with a cautious attitude towards the long-term compliance prospects of its TradFi segment. Some institutional investors are concerned that once regulatory authorities provide stricter definitions or add new restrictions on such cross-border products in the future, the platform may need to make significant changes in licensing applications, product structure adjustments, or even geographical service scope. The briefing emphasized that there is still a lack of transparent understanding of the true coverage, enforcement strength, and detailed provisions of the FSC regulatory framework, and Bitget has not made a clear optimistic or pessimistic judgment on regulatory effectiveness in public information, only stating that it will "continue to communicate with regulators" and retain sufficient response space in product iterations.

The Integration of TradFi and Its Impact on Platform Risk, Liquidity, and Trading Behavior

From the internal testing data and the early performance of the public testing, the TradFi segment has already had a visible impact on Bitget's overall liquidity structure and user behavior. The briefing indicated that during the internal testing period, a portion of the platform's overall trading volume clearly came from traders who were originally active in the foreign exchange and precious metals markets, who began using cryptocurrency as margin to complete cross-market allocations through the Bitget platform. The influx of such funds has, on one hand, increased the platform's activity during European and U.S. trading hours, making Bitget's around-the-clock liquidity curve smoother; on the other hand, it has also introduced the trading logic and rhythm of traditional financial markets, causing the platform's overall risk exposure to more closely follow global macro events rather than being driven solely by narratives within the cryptocurrency industry.

In terms of specific trading behavior, the briefing mentioned that some long-time users who previously only traded cryptocurrency contracts began to try hedging their cryptocurrency exposure through foreign exchange and gold after accessing TradFi products. For example, in the context of rising macro uncertainty and a strengthening U.S. dollar index, some long holders would establish corresponding protective positions in the TradFi segment to mitigate the impact of significant fluctuations in a single asset class on their overall asset net worth. There are also users who take advantage of the differences in trading hours between traditional asset trading and the 24-hour cryptocurrency market to attempt cross-time zone trading strategies, capturing misaligned returns in price response rhythms.

However, the introduction of traditional assets has also amplified the complexity of risk management on the platform. The instantaneous volatility levels in the foreign exchange and precious metals markets during major data releases or black swan events are not inferior to those of cryptocurrency assets, and when these volatilities are combined with leverage and a unified margin system, the platform must continuously assess the risk transmission chain across different products and markets. The briefing indicated that in the extreme market simulations during internal testing, Bitget responded to systemic shocks caused by volatility accumulation by raising margin requirements for certain products, tightening leverage limits, and shortening the response time for triggering liquidations. This also means that in the event of real extreme events in the future, users may more frequently experience constraints due to margin adjustments and tightened risk control parameters.

From the perspective of liquidity structure, the TradFi segment brings not only new trading volume to Bitget but also a more complex capital turnover model. Some users quickly switch positions between traditional and cryptocurrency assets to respond to changes in market sentiment, making the internal capital flow of the platform more three-dimensional and placing higher demands on the matching system and clearing engine. Meanwhile, as more traditional asset traders enter, the proportion of "high-frequency, strategic trading" in Bitget's overall user structure is expected to increase, and the platform needs to provide sufficient depth and low-latency environments for these users while ensuring system stability; otherwise, the TradFi segment may struggle to retain this more discerning demand in the long term.

Opportunities and Risks Intertwined: How Far Can Bitget Go?

Looking back from the current time point, Bitget's move to bring traditional categories such as foreign exchange and gold into the cryptocurrency platform is essentially a re-bet on its own positioning: no longer satisfied with the single label of "crypto-native exchange," it is attempting to transform into a "multi-asset derivatives center." This path choice has, in the short term, granted Bitget access to traditional market capital and trading logic, while also reserving a potential hedging curve for the platform during cyclical downturns in the cryptocurrency industry. From the briefing, it can be seen that the trading volume and user registration situation in the internal testing phase of the TradFi segment have already proven that there is genuine demand in the market for a product form of "single margin, multi-market and multi-category," and Bitget is seizing this structural gap.

However, opportunities and risks run parallel. The unclear scope of the FSC regulatory framework makes this cross-border path still full of uncertainties at the legal and policy levels. If relevant rules become stricter in the future, Bitget may need to make adjustments in product forms, service areas, and even business focus. At the same time, the complexity of risk management and potential systemic volatility brought by traditional assets also requires the platform to continuously invest in technical architecture, risk control strategies, and insurance mechanisms; otherwise, an extreme market event could erode the reputation and user trust accumulated through innovative products.

For Bitget, the key moving forward is not just to continue expanding the TradFi categories, but to continuously provide answers on three dimensions: first, how to maintain dynamic alignment with the compliance framework as regulations gradually clarify, avoiding passive adjustments; second, how to provide sufficiently attractive spreads, liquidity, and capital efficiency for cross-market traders while ensuring system robustness; third, how to truly bridge traditional finance and the crypto world in product narratives, rather than merely stopping at the surface of "listing foreign exchange and gold." Only by excelling in these three areas simultaneously can Bitget's bet on TradFi have the opportunity to evolve from a high-risk experiment into a part of the platform's long-term competitiveness.

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