Cryptocurrency exchange Bitget has joined Protect, an off-exchange custody service operated by Swiss digital-asset bank Sygnum. The arrangement allows institutional clients to trade spot and derivatives on Bitget while their collateral remains in segregated, bankruptcy-remote accounts governed by Swiss law. Bitget receives a mirrored view of the positions for trading purposes but does not hold the underlying assets or mix them with its own funds. The structure preserves clients’ legal ownership and is designed to shield collateral from exchange insolvency, a concern highlighted by the collapse of FTX in 2022. Protect accepts Bitcoin, Ethereum, stablecoins and yield-bearing U.S. Treasuries, allowing some collateral to generate returns while held. Assets under custody grew more than 900% by the end of 2025, surpassing $1 billion. Protect launched in April 2024, and exchanges using it, including Binance, Deribit, Bybit and Bitget, represent more than half of global spot and derivatives trading volume. Bitget operates in more than 150 countries and has over 125 million users. Separately, Bitget is withdrawing from Japan after warnings from the Financial Services Agency over alleged unauthorized operations.