Cryptocurrency
exchange Bitget has announced the appointment of Hon Ng as its new Chief Legal
Officer (CLO). The move comes as the company seeks to strengthen its regulatory
compliance and global expansion efforts.

Bitget Bolsters Legal Team

Ng, a
seasoned legal professional with over two decades of experience, joins Bitget
from Binance, where he served as General Counsel and Head of Government Affairs
& Policy. During his tenure at Binance, Ng played a crucial role in the
company’s licensing efforts and compliance enhancements, as well as its
interactions with global regulators.

In his new
role, Ng will focus on similar tasks, overseing Bitget’s global regulatory
compliance, engaging in dialogues with regulators, and spearheading the
company’s efforts to obtain licenses in new markets. His appointment comes at a
critical time for the cryptocurrency industry, which faces increasing
regulatory scrutiny worldwide.

“Hon
Ng’s extensive experience in digital and Web3-related legal and compliance
affairs, combined with his track record of solving complex corporate-level
issues, makes him the ideal candidate for this position,” Gracy Chen, CEO of
Bitget, commented on the appointment.

Ng’s career
includes overseeing a $500 million acquisition of a strategic stake in X
(formerly Twitter) in consortium with Elon Musk, and managing multiple
regulatory investigations in the crypto space. He has also been recognized by
the Financial Times as one of the World’s Top 20 Legal Leaders.

“This
is an exciting opportunity for me to be working with incredibly talented people
and to continue to be able to enhance the industry’s culture of compliance,
working side-by-side with regulators, in order to contribute meaningfully to
the sustainability of the digital assets ecosystem,” Ng added.

Bitget Wallet More Popular
than MetaMask

In related
news, Bitget Wallet, the company’s Web3 wallet division, has reached a
significant milestone of 30 million users. The wallet has experienced visble
growth, surpassing MetaMask in global app downloads for July 2024.

“With total downloads on Apple’s App Store and the Android Google Play
Store, hitting 1.7 million in a month showcasing a 140% rise from its previous
month,” the company commented in a separate press release.

The wallet has gained
significant traction in Japan, where it saw a 34% rise in new user
registrations. Data from data.ai indicates that the Bitget Wallet ranks as the
second most popular Web3 wallet in Japan, trailing only behind MetaMask.

Despite not being the
biggest cryptocurrency exchange by total volume, Bitget ended the quarter on a
positive note. During the period from April to June, it was the third highest
in terms of net capital inflow and demonstrated the most substantial growth in
market share among its peers. The platform witnessed $700 million in investor
inflows in the second quarter, with a nearly 50% increase in overall platform
activity.

This article was written by Damian Chmiel at www.financemagnates.com.