Gleb Jout: “Bitget will enter the top 3 exchanges in the CIS this year”

The cryptocurrency market in the CIS and Ukraine is experiencing global changes. After Binance left Russia, there was a reshuffle of forces in the sector, and Bitget’s share in Eastern Europe increased and exceeded 10%. Today the exchange is one of the top 5 largest derivatives trading platforms.

The company's management is confident that in 2024 the exchange will be able to enter the top 3 and conquer at least 20% of the Russian market, as well as significantly increase its presence in Ukraine, Kazakhstan, Uzbekistan and Belarus. We talked about Bitget's plans for the next 12 months with the head of Bitget in the CIS, Gleb Jout.

How do you assess Bitget's performance in 2023? What did you manage to do and what didn’t? What events were key in the work of the exchange?

Firstly, Binance’s departure from Russia led to a redistribution of the market. Bitget and our competitors entered into an active fight for customers, and as statistics show, we coped with this task perfectly. At the end of November, Bitget traffic in Russia increased by 10%, and the company entered the top 5 crypto exchanges in the region. I think this is an excellent result, considering that we have been working on the Russian market for about two years, 95% of which time in a bear market.

As for Ukraine, we continue to expand there too – we offer special terms of cooperation and try to hold more special events for traders. In 2024, we will also pay closer attention to Belarus, Kazakhstan and Uzbekistan, as we see huge potential here. Overall, the past year has been a fairly productive period for Bitget, and I am confident that all our efforts will bear fruit in 2024.

If we talk about the key events for Bitget, then I would name the Hero Trade Award, in which we recognized the best traders, our partnerships with the Juventus football club (women's team), the purchase of the Bitkeep wallet and the holding of a large-scale futures tournament. I am sure that in 2024 there will be more such positive events.

Could you comment on the blocking of user accounts that occurred at the end of 2023. What's happened?

Indeed, at the end of the year, the Bitget risk control and management service blocked the accounts of users whose actions contradicted the AML policy and internal risk control. Verification of details and information provided by users upon request of the exchange may take up to a month, but after thorough verification, user accounts have been unblocked for withdrawal of funds. Such actions could bring some discomfort, but sometimes they are necessary.

Bitget is a centralized exchange and we work taking into account all legal requirements and regulations. In 2023, we introduced a mandatory KYC procedure; we also monitor the legality of transactions and check the purity of user activity. This is done for the safety of the users themselves.. Bitget is a completely transparent and open platform, so the level of security must be high and meet international standards.

How much does Bitget earn and on what?

The flagship products of the exchange remain copy trading and futures trading. In 2023, the copy trading platform Bitget had 130,000 registered elite traders and 680,000 subscribers. Spot trading volume has grown by 94% over the past year, and the total number of crypto exchange users has increased to 20 million. This is almost the population of the entire Sri Lanka.

If we talk about the financial side, we publish monthly reports and provide the main results of work, as well as the company’s reserves. For example, at the end of 2023, Bitget’s total reserves exceeded $1.7 billion, and the PoR indicator exceeded the coefficient of 171%, that is, the exchange fully provides user assets in a ratio of 1:1 and even higher. This confirms that users' money is securely protected and the platform is stable and financially stable.

Let's talk about the BGB token. What's happening to him today?

The BGB token increased in price by 291%: from $0.18 to $0.704 and entered the top 5 most promising and rapidly growing in price tokens of centralized exchanges. This is due to the increase in the cost of the entire business. The exchange makes money and increases its user base, which means the value of its own token very quickly. In addition, the possibilities of using the token are constantly expanding. While most CEXs use the token as a means of payment for trading commissions, the BGB token participates in staking and farming programs, launch pads, and copy trading. We are constantly expanding the instrumental capabilities of BGB, increasing its popularity among users. I own BGB myself.

Let's discuss the company's plans for 2024. What are you planning to focus on?

I would highlight several key vectors for the company’s development in 2024. The main one is expansion. As I said above, we plan to increase our presence throughout the CIS and Ukraine. The team has already localized the platform website, we are constantly studying the market and offering the best conditions for users. But there are a number of restrictions, primarily legislative ones.. Therefore, we will develop our business within the framework of current legislation, focusing on customer focus and safety. We collaborate with opinion leaders and trading communities who provide business development support.

The second important vector is training and community building. In 2023, we launched two projects at once: Bitget Builders and Blockchain4Youth. Both initiatives are aimed at developing the community and training users. As part of Bitget Builders, we work with local communities, opinion leaders and trader base holders to increase the number of users, as well as strengthen the Bitget brand in local markets. Blockchain4Youth aims to educate and train users. Our experts conduct training seminars and lectures for those interested in blockchain technologies. For example, last year we held a series of lectures for students of MIPT, MGIMO and other universities.

The third vector is grocery. This year, the company plans to launch several innovative products for users, including debit cards, and expand the use of AI technologies for more efficient trading. In general, we plan to focus on technology and marketing. All this together will help bring the exchange into the top 3 in the region. We are also working on our own blockchain.

Share your tips on how to make money on cryptocurrencies in 2024.

If you are still looking for the magic “Loot” button, then it’s time to stop and look at things soberly. The market has entered a growth phase, which means that there are more prospects for making money. Therefore, my top tips look like this:

1. Always learn. Take every opportunity to gain new knowledge. These could be training videos on the Internet or professional courses for traders and investors. Choose what is closest to you.

2. Practice. If you are afraid of losing money at the first stage, then use a demo account. For example, Bitget has such a function. In fact, you make full-fledged transactions, but your money is virtual. Losses, as well as profits, remain virtual, but the experience is quite real.

3. Invest in crypto only as much as you are not afraid of losing. I do not recommend anyone to invest their last savings in any assets, including cryptocurrencies. You should not sell your apartment, car, land and transfer all your money into shares or cryptocurrency. Know how to count your own money.

4. Take risks, but wisely. Without trying to trade cryptocurrency, you will not be able to understand whether it is for you or not. Therefore, it’s definitely worth taking risks, but do it wisely and with understanding of the situation.

5. Trade on Bitget! We have the best conditions! I guess that's all.