Bitcoin ETFs Could See $35B Inflows by Year-End – An Interview with Bitget COO Vugar Usi

In the latest installment of the GoCrypto interview series, Mike Ermolaev sits down with Vugar Usi Zade, the COO of Bitget, a leading global cryptocurrency exchange. Mike, known for his insightful interviews with notable figures in the cryptocurrency world and beyond, explores Vugar’s extensive experience and its impact on Bitget’s growth and innovation. This series, powered by GoMining, delves into the dynamic world of cryptocurrencies and blockchain technology.

Vugar’s background with multinationals like SONY, Facebook, Danone, and Carlsberg provides a unique perspective. In this interview, Vugar discusses the impact of his diverse background, Bitget’s strategic expansion into emerging markets, AI-powered security enhancements, the significance of Bitcoin halving and ETFs, and his predictions for Bitcoin’s future trends and adoption, among other things.

Leveraging Diverse Industry Experience at Bitget

When asked how his extensive experience across various industries influences his role at Bitget, Vugar Usi Zade explained that his journey into the crypto industry was distinct from many others. His venture into crypto began after exiting a successful Web2 startup and joining a venture capital firm to hedge his earnings and invest further.

According to Vugar, his expertise helped him to navigate local intricacies Bitget faced, maximize outcomes, and manage diverse teams effectively. Having assumed the leadership role at Bitget, he has been instrumental in growing the company across all regions, particularly in Europe, LATAM, CIS, and MENA – compelling evidence of his global knowledge and business acumen.

Usi Zade emphasized that his career in multinational organizations equipped him with practical skills to manage large, complex operations that transcend cultural boundaries and overcome time and place limitations, while fostering growth and innovation.

“My experience with truly global conglomerates and Fortune 500 companies has instilled in me a sense of discipline and structured thinking. More importantly, it has prepared me for a role where I can orchestrate the growth journey that propels Bitget toward true global leadership. Companies operate differently at various stages of their growth journey; a startup is managed differently than a mid-level company. Today, Bitget is a global company with 1,500 team members from 65 nations. Bitget operates 24/7 across all time zones and serves 25 million customers globally,” he shared.

Global Expansion Focus

Bitget’s COO also shared insights into the company’s expansion efforts, particularly focusing on emerging markets such as Latin America, Southeast Asia, and Africa. Vugar mentioned that Bitget is investing more resources in these regions to support their growth.

“With the increasing popularity of cryptocurrencies, we realize the immense potential and growth opportunities in emerging markets such as Latin America, Southeast Asia, and Africa. Therefore, we are focusing and investing more in these thriving markets” he stated.

He also highlighted Bitget’s proactive approach to compliance, while expanding globally:

“At Bitget, we recognize the importance of compliance in this dynamic industry. As the regulatory landscape for digital assets evolves globally, we have been actively and proactively communicating and discussing with various law enforcement agencies,” Usi Zade explained.

Regulatory Compliance Efforts

Within the past two years, Bitget has gained AML licenses in Lithuania and Poland. Vugar Usi Zade revealed that more licensing projects are expected to be completed this year.

“Over the past two years, we have obtained two new AML registrations in Lithuania and Poland. Currently, more licensing projects are underway, and we expect to share more positive developments this year,” he elaborated.

Usi Zade explained that through cross-departmental efforts, Bitget’s infrastructure and processes are continuously improving, with their goal being to comply with GDPR standards.

“Last October, we implemented mandatory KYC procedures. Customers must pass KYC checks to conduct transactions or use other platform features. All on-chain activities are screened using tools like Chainalysis,” Vugar explained.

He also mentioned that Bitget’s compliance team is continuously expanding and actively handling communications and requests from various law enforcement agencies. Since last year, they have launched a public page detailing Bitget’s compliance efforts, enhancing transparency and actively communicating with the public.

“Our efforts are not limited to internal measures; we also collaborate closely with institutions worldwide to combat various financial crimes,” he stressed.

Short-Term Pain, Long-Term Gain from Stricter Regulations

Discussing the future landscape of the cryptocurrency industry, Vugar predicted that regulatory systems would become more refined but achieving consistency across regions would remain challenging.

“Cryptocurrency companies will need to adopt different strategies in different regions, offer different products and services, and continuously adapt their localization strategies to accommodate new changes in each region,” he pointed out.

Usi Zade also indicated that legal debates over whether various cryptocurrencies are “securities” will persist: “If an ETH spot ETF starts trading smoothly and develops well, there might be some hope that the SEC will change its stance, giving the market the expectation that more mainstream cryptocurrency spot ETFs will emerge in the future.”

“New legislation and stricter regulations will bring short-term pain to the industry, but in the long run, continuously standardizing the market and improving compliance mechanisms will help new users recognize and participate in the cryptocurrency market. This will also gradually reduce the risk of various major incidents in the industry, leading to sustainable development,” he stated.
“Bitget will embrace regulation, continuously making efforts in areas such as KYC, anti-money laundering, and timely adaptation to new regional laws. Under these regulations, Bitget aims to provide users with a safer environment and more reliable services,” he emphasized.

Educational Initiatives for Crypto Market Onboarding and Inclusion

Centralized exchanges play a crucial role in onboarding first-time users and educating the market. Usi Zade elaborated on the specific steps Bitget takes to ensure this process is smooth and educational for new users.

“In fact, we invest a lot of effort, time and resources into the adoption of cryptocurrencies. First of all, we are implementing a number of educational initiatives for the population to tell in detail about cryptocurrencies and the possibilities of blockchain. Thanks to our Blockchain4Youth program, thousands of students around the world have already been able to take free lectures on cryptocurrencies,” he explained.

Usi Zade also mentioned Bitget Academy, where users can access detailed information about cryptocurrencies, blockchain technologies, and new solutions. In addition, he highlighted the launch of the #Blockchain4Her initiative, aimed at creating a female-friendly blockchain space by educating and embracing women in the industry.

“I’m very proud of Bitget being one of the exchanges with the highest level of equity and inclusion in the crypto industry,”

Usi Zade said, adding that the exchange’s educational initiatives help various gender and age groups find their place in the industry.

AI-Powered KYC Verification

Bitget’s recent partnership with Sumsub to provide AI-powered deepfake detection for KYC verification was another key topic.

“The latest AI-powered KYC verification technology by Sumsub boosts Bitget’s security protocols by ensuring robust user verification and fraud prevention, while also verifying users with government-issued IDs and confirming the true identity of individuals,”…