Starting September 2023, Bidget will implement fresh KYC requirements for users per evolving global regulatory standards.
Exchange for cryptocurrency derivatives headquartered in Seychelles, Bitget is revising its ‘Know Your Customer (KYC) requirements in accordance with global regulatory standards.
According to the company, the new KYC requirements are being implemented to safeguard user rights and interests, shape a secure environment for cryptocurrency trading, and comply with regulatory recommendations from various global watchdogs.
BitGet will modify its KYC verification requirements beginning in September 2023, requiring newly enrolled users to complete level 1 KYC verification to access a variety of Bitget’s services, including cryptocurrency deposits and trading.
Users who joined the platform before September 1 must complete KYC verification by October 1, 2023. According to the derivatives exchange, users who must complete the procedure by September can still deposit, withdraw, and trade.
However, beginning in October, users who still need to complete the KYC verification procedure will be restricted from creating new trading orders and can only withdraw funds, cancel orders, redeem subscriptions, and close positions.
Bitget also stated that it would implement KYC procedures to confirm its customers’ identities for risk assessment purposes, per the majority of mainstream financial institutions and regulated organizations.
The platform based in Seychelles is the most recent exchange to announce that it will update its KYC policy. Per global anti-money laundering (AML) regulations, KuCoin implemented similar requirements in July 2023, mandating identity verification for all new users.
Users who have not successfully completed KYC checks cannot access KuCoin’s services and products. Users of KuCoin are required to provide their names, ID numbers, and ID photos and undergo facial recognition.
OKX also requires users to complete a KYC procedure to verify their identities, with the same September deadline as Bitget. The three-step procedure mirrors that of KuCoin, and as of September 21, users who complete the verification process can access OKX’s services.
