Cryptocurrency
exchange Bitget has ramped up its regulatory compliance efforts with the recent
appointment of Hon Ng as its new Chief Legal Officer. Ng, who previously held a
similar role at industry giant Binance, brings a wealth of experience in
navigating the complex regulatory landscape of digital assets.
In an
exclusive interview with Finance Magnates, Ng outlined his vision for enhancing
crypto compliance strategies while fostering innovation in the rapidly evolving
digital asset space. He emphasized the importance of balancing regulatory
requirements with technological advancement.
Compliance Doesn’t Have to Be the Enemy of Crypto
Innovation
Hon Ng’s
career trajectory is nothing short of remarkable. As a seasoned legal
professional with over two decades of experience, Ng has overseen high-profile
transactions, including a $500 million acquisition of a strategic stake in X
(formerly Twitter) in consortium with Elon Musk
His resume
also boasts a three-year stint as General Counsel & Head of Government
Affairs at Binance, the world’s largest cryptocurrency exchange.
While Ng
has since transitioned to Bitget, he continues to pursue another passion: football.
Intriguingly, he serves on the Legal Committees of both the Asian and East
Asian Football Federations and represents the Hong Kong Football Association. It’s
worth noting that one of Bitget’s global ambassadors is none other than football
legend Lionel Messi. Coincidence?
Jokes aside, Finance Magnates’ conversation with Ng focused not on his love for the ball but on his expertise in compliance, law, and cryptocurrencies. He
acknowledges that proponents of decentralization often view cryptocurrency
market regulation as incompatible with maintaining the industry’s innovative
spirit.
“Strong
compliance doesn’t have to stifle innovation—in fact, it can enable it,”
Ng stated. “When a platform like Bitget builds a solid compliance
framework, it creates a foundation of trust. This trust, in turn, gives us the
freedom to explore new ideas and develop cutting-edge solutions.”
Ng
highlighted Bitget’s proactive approach to compliance, including mandatory Know
Your Customer (KYC) procedures, sanctions compliance, and transaction
monitoring. He plans to build on these existing measures, drawing from his
experience at Binance where he spearheaded global licensing efforts and
regulatory dialogue.
“I had developed the legal team and pushed forward an agenda that you can still see today, such as licensing. All of…
