Bitget, a cryptocurrency derivatives exchange headquartered in Seychelles, is making changes to its Know Your Customer (KYC) requirements in alignment with global regulatory standards.
The modifications to the KYC procedures are aimed at safeguarding user rights, fostering a secure environment for cryptocurrency trading, and adhering to regulatory suggestions provided by international watchdogs.
Commencing from September 2023, Bitget will implement adjustments to its KYC verification prerequisites.
New users registering on the platform will be mandated to complete level 1 KYC verification to unlock a range of Bitget services, encompassing cryptocurrency deposits and trading.
For users who register before September 1, the deadline for completing KYC verification is set for October 1, 2023.
During the interim period, users who haven’t finished the verification process by the end of September will still have the liberty to execute deposits, withdrawals, and trades.
Nevertheless, as of October, users who have not undergone the KYC verification procedure will experience restrictions.
They will only be able to perform withdrawals, cancel orders, redeem subscriptions, and close positions.
The ability to initiate new trading orders will be curtailed for these users.
Bitget is committed to following stringent KYC protocols to authenticate the identities of its customers for the purpose of assessing risks.
This approach aligns with the practices of mainstream financial institutions and regulated entities.
In the spectrum of cryptocurrency exchanges, Bitget is not alone in its adoption of updated KYC policies. KuCoin, for instance, implemented comparable requirements in July 2023.
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The platform now mandates identity checks for all new users to comply with global Anti-Money Laundering regulations.
Failure to complete the KYC checks renders users ineligible for KuCoin’s array of services and products, which involves providing personal information, ID details, submitting ID photos, and undergoing a facial recognition process.
OKX, another prominent player, is also enforcing a KYC protocol for identity verification. Users on OKX are granted a deadline in September similar to Bitget.
This process mirrors the three-step approach seen on KuCoin. Users who neglect the verification process on OKX will lose access to services starting from September 21.
In summary, Seychelles-based cryptocurrency derivatives exchange Bitget is proactively upgrading its KYC requirements to comply with global regulations.
These changes are devised to ensure user protection, cultivate a secure trading environment, and adhere to regulatory standards.
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