Bitget Steps Up With Stringent KYC Standards
Seychelles-based cryptocurrency derivatives exchange, Bitget, announces a revamp of its Know Your Customer (KYC) requirements. This move is seen as an effort to stay abreast with evolving global regulatory guidelines.
Protecting User Rights and Ensuring Security
According to official communications from Bitget, the primary motivation behind instituting the new KYC norms is multifaceted:
- Safeguard user rights and interests.
- Foster a secure environment for cryptocurrency trading.
- Abide by recommendations from global regulatory watchdogs.
What’s New in Bitget’s KYC?
From September 2023 onwards, a few key changes will be observed:
- New users will need to undergo level 1 KYC verification to avail various Bitget services, like cryptocurrency deposits and trading.
- Existing users, who registered before Sept. 1, are expected to finish their KYC verification by Oct. 1, 2023. They can continue using services as usual throughout September.
- From October onwards, users failing to comply with KYC verification will face restrictions in creating new trading orders.
Bitget emphasizes that, like other mainstream financial institutions, they will be stringent in verifying customer identities for risk evaluations.
Trend in KYC Implementations: Bitget Joins the Bandwagon
Bitget isn’t alone in this endeavor. KuCoin, another major player, mandated similar KYC checks in July 2023. This involved rigorous identity verifications to align with global Anti-Money Laundering protocols. As a part of the process, KuCoin users had to submit detailed personal information including facial recognition.
OKX, not to be left behind, set a similar KYC verification deadline as Bitget. Their three-tier process closely resembles KuCoin’s strategy. Non-compliance will lead to barred access to OKX services post Sept. 21.
In essence, the tightening of KYC norms across major cryptocurrency platforms signals an industry-wide trend of aligning with global regulations to foster trust and security in the crypto realm.