Bitget, a cryptocurrency derivatives exchange based in Seychelles, is making updates to its Know Your Customer (KYC) requirements in order to align with global regulatory standards. The company has stated that these changes are being implemented to safeguard the rights and interests of users, create a secure environment for cryptocurrency trading, and adhere to regulatory guidelines provided by various international watchdogs.
Starting in September 2023, Bitget will be introducing new KYC verification procedures. New users who register on the platform will be required to complete level 1 KYC verification. This verification will grant them access to a range of Bitget’s services, including cryptocurrency deposits and trading. Users who had signed up prior to September 1, will have until October 1, 2023, to complete their KYC verification. During this transition period, users who haven’t completed the process will still be able to perform deposits, withdrawals, and trades.
However, from October onward, users who have not undergone the KYC verification will face restrictions. They will only be allowed to perform withdrawals, cancel orders, redeem subscriptions, and close positions. These users will be unable to create new trading orders. Bitget also emphasized that it aims to conduct KYC procedures to verify customer identities for risk assessment, aligning with the practices of mainstream financial institutions and regulated entities.
Bitget joins other exchanges on KYC upgrade
Bitget’s move to enhance its KYC procedures follows a trend in the industry. Other cryptocurrency exchanges, like KuCoin and OKX, have also revised their KYC policies to adhere to global regulatory frameworks. KuCoin, for instance, introduced mandatory identity checks for all new users in July 2023 to comply with anti-money laundering (AML) regulations. Users who fail to complete the required KYC checks on KuCoin are barred from accessing the platform’s services and products. The KYC process on KuCoin entails submitting personal details, ID numbers, ID photos, and undergoing facial recognition verification.
Similarly, OKX, another cryptocurrency exchange, is implementing a KYC verification process with a deadline similar to Bitget’s in September. The process involves three steps, echoing the practices of KuCoin. Users who do not complete the verification by the designated date, September 21, will lose access to OKX’s services.
The adoption of enhanced KYC procedures by these exchanges reflects the growing attention to regulatory compliance within the cryptocurrency space. As the industry matures and regulatory oversight increases, exchanges are taking proactive measures to align themselves with global standards, thereby fostering trust among users and regulators alike.
