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Bitget, the cryptocurrency exchange based in Seychelles, has announced significant revisions to its user verification protocols to align more closely with international regulatory recommendations. This strategic decision is intended to cultivate a secure environment for digital currency trading while safeguarding the rights and interests of users.
Starting September 2023, individuals registering on Bitget will be required to undergo level 1 KYC verification to initiate deposits and trades. This move reflects Bitget's proactive approach in embracing the recommended guidelines from global regulatory bodies.
For users who joined Bitget prior to September 1, KYC verification must be completed by October 1, 2023. During September, those who haven't verified their identities can still deposit, withdraw, and execute trades. However, from the start of October, unverified users will face limitations. They will only be able to perform withdrawals, cancellations, subscription redemptions, and position closures. Additionally, these users will be unable to initiate new trades.
Bitget's emphasis on stringent KYC practices underscores its dedication to identity verification, mirroring the practices of conventional financial institutions and regulated entities. This commitment ensures thorough risk assessment for each user.
Bitget's adjustment to its KYC policy is part of a broader trend in the digital currency industry. In July 2023, KuCoin, another cryptocurrency exchange, implemented mandatory identity validations for new users, requiring details such as name, ID number, ID photo, and a facial recognition step. This measure aimed to comply with international Anti-Money Laundering regulations.
Similarly, the OKX platform has established a verification deadline for September, following a KYC process closely resembling KuCoin's. Like Bitget, users on OKX who fail to complete verification by the deadline will experience restricted access to the platform's services after September 21.
The tightening of KYC policies by cryptocurrency exchanges like Bitget, KuCoin, and OKX reflects the broader industry trend toward establishing safer trading environments that align with international regulatory standards.
