- Beginning in September 2023, new Bitget users will be required to undergo level 1 KYC.
- Users who join the platform before September 1st will have until October 1st, 2023.
Bitget is revising its KYC procedures for customers to conform to international regulatory standards. The exchange claims that additional KYC procedures are being implemented to safeguard customers’ interests. Also, foster a safe ecosystem for the trading of cryptocurrencies, and meet the criteria of regulatory bodies throughout the world.
Beginning in September 2023, new BitGet users will be required to undergo level 1 KYC verification in order to get access to a wide range of BitGet services, such as cryptocurrency deposits and trading.
International Standard Compliance
Users who join the platform before September 1st will have until October 1st, 2023 to complete KYC verification. Users who have not yet verified their accounts via the derivatives exchange may still make deposits, withdrawals, and trade till the end of September.
Moreover, users who have not completed KYC verification will not be allowed to place new trading orders beginning in October. Instead, they will only be able to withdraw funds, cancel orders, redeem subscriptions, and close positions.
As with the vast majority of conventional banks and regulated businesses. Bitget said that it will use KYC processes to verify the identity of its clients for risk assessment reasons.
To comply with international Anti-Money Laundering (AML) legislation, KuCoin implemented comparable procedures in July 2023, including requiring identification verification for all new users. Users of KuCoin must verify their identities using a face recognition procedure in addition to providing their names, ID numbers, and ID photos. Amid rising scrutiny from authorities across the globe, crypto exchanges are taking a cautious approach.
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