Bitget unveiled its Open Custody Network on November 5, linking external banks and institutional-grade custodians to its trading infrastructure for eligible users. The Bitget Open Custody Network lets institutions trade on Bitget without placing their assets in the exchange’s custody.

The rollout lands as Bitget faces regulatory pressure in Thailand. The country’s SEC filed a criminal complaint against the exchange operator and set a December 5 access block, according to CoinDesk. The case involves Bitget’s operations in Thailand and is separate from the custody network.

Bitget Open Custody Network Separates Trading From Asset Custody

Bitget’s November 5 release described the Open Custody Network, or OCN, as a bridge between its trading infrastructure and external banks and institutional-grade custodians. Eligible users can access the exchange’s trading venue while keeping their assets with a separate provider.

That split targets institutions that do not want one company handling both execution and safekeeping. When an exchange performs both jobs, customers rely on the same institution’s technology, operational controls, governance and financial health to execute trades and retain access to their assets.

OCN separates those functions by connecting Bitget’s trading systems to outside custody providers, effectively delivering off-exchange crypto custody for institutional clients. Services and protections will vary based on the custodian involved and the operating arrangements.

Settlement Terms Define OCN’s Risk

Keeping assets with an external custodian does not automatically stop an exchange from accessing or affecting them. Settlement obligations, pre-authorized transfers, credit arrangements or shared service providers may still shape how assets move, putting control and settlement terms at the center of the model.

Institutions will need clear answers on legal title, withdrawal authority and what happens if Bitget suspends operations. They must also examine how the system represents collateral, reconciles positions and settles trades.

A NewsBTC account of the launch describes OCN as a structure whose safeguards rest on its custody and settlement design. Bitget has not established that every participating custodian provides identical services or that the arrangement is available to all users.

Institutions Need Custodian and Withdrawal Details

Prospective clients should confirm which custodians participate and where the service operates. Contracts need to define asset segregation, withdrawal authority, settlement procedures and the process for recovering assets if Bitget or a custody partner fails.

Independent security reviews and clear legal terms still matter. Where assets sit is only part of the equation; institutions also need to know who can move them and under what conditions. OCN’s value will depend on whether it can connect external safekeeping to Bitget’s trading workflow without weakening control over customer assets.

FAQ

What is Bitget’s Open Custody Network?

OCN links external banks and institutional-grade custodians to Bitget’s trading infrastructure. Eligible institutions can trade through Bitget while keeping their assets with a separate custody provider.

Who can use the Open Custody Network?

Bitget positions OCN for eligible users seeking an institutional trading and custody arrangement. Access and services vary with the participating custodians and operating structure.

Does external custody prevent Bitget from affecting assets?

Not necessarily. Settlement obligations, pre-authorized transfers, credit arrangements or shared providers may still determine who can control or move assets.

Which settlement details matter for OCN users?

Institutions need clarity on how the system represents collateral, reconciles positions and settles trades. Legal title and withdrawal authority also need to be established.

What should institutions check before using OCN?

They should review the participating custodian, applicable jurisdiction, asset segregation, withdrawal authority and settlement process. Reconciliation procedures and rights to retrieve assets if Bitget or a custody partner fails also matter.

This article is for information only and is not financial advice.

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