Bitget, a cryptocurrency derivatives exchange based in Seychelles, is updating its know-your-customer (KYC) requirements to ensure compliance with global regulatory standards. The revised KYC requirements are designed to protect user rights, establish a secure trading environment for cryptocurrencies, and adhere to regulatory guidelines set by various global regulatory bodies.
Starting from September 2023, Bitget will implement changes to its KYC verification process. New users will need to complete level 1 KYC verification in order to access various services provided by Bitget, including cryptocurrency deposits and transactions. For existing users who registered before September 1, They will have until October 1, 2023, to complete the KYC verification process. During this transition period, users who haven't completed KYC can still carry out activities such as deposits, withdrawals, and trading on the platform.
However, from October onwards, users who have not undergone the KYC verification process will face restrictions. They will be unable to perform actions like withdrawing funds, canceling orders, redeeming purchases, closing positions, and creating new trading orders. Bitget will enforce the se measures To align with KYC procedures that are common in mainstream financial institutions and regulated organizations, helping to assess risks associated with customer identities.
Bitget's move to update its KYC policy follows a trend in the cryptocurrency industry. Other exchanges like KuCoin and OKX have also adjusted their KYC requirements to comply with anti-money laundering regulations and enhance customer security. KuCoin implemented mandatory identity checks for all new users in July 2023, requiring personal details, ID numbers, photos, and facial recognition. Similarly, OKX requires users to complete the KYC verification process by a certain deadline, failing which users will lose access to the platform's services.
As the cryptocurrency industry continues to grow and gain mainstream attention, exchanges are taking steps to enhance compliance and security measures, aligning themselves with evolving global regulatory expectations.
