Key takeaways:
- In order to comply with international regulatory standards, Bitget is revising its Know Your Customer (KYC) requirements for consumers.
- Users who have not completed the KYC verification process can only make withdrawals, cancel orders, redeem subscriptions, and close positions going forward.
In order to comply with international regulatory standards, Bitget, a cryptocurrency derivatives exchange situated in Seychelles, is revising its Know Your Customer (KYC) requirements for consumers.
The new KYC criteria, according to the announcement by Bitget, are being implemented to safeguard user rights and interests, create a secure environment for trading cryptocurrencies, and adhere to regulatory recommendations from numerous international watchdogs.
Beginning in September 2023, BitGet will modify its KYC verification standards, requiring newly registered users to successfully pass level 1 KYC verification to access several Bitget services, including deposits and cryptocurrency trading.
By October 1, 2023, users who registered for the site before September 1 must finish the KYC verification process. Users who have not completed the process by the end of September are still eligible to deposit, withdraw, and engage in trading, according to the derivatives exchange.
However, users who have not completed the KYC verification process can only make withdrawals, cancel orders, redeem subscriptions, and close positions going forward; they will not be allowed to place new trading orders.
Bitget also stated that, in line with the majority of established financial institutions and regulated organizations, it would adhere to KYC procedures to confirm consumers’ identities for risk assessment purposes.
The Seychelles-based platform is the most recent exchange to declare that it would be revising its KYC policy.
Similar measures were put in place by KuCoin in July 2023, when it made identification checks for all new users a necessity. This was done to comply with international anti-money laundering (AML) laws. Users who did not successfully pass KYC checks cannot use KuCoin’s services or goods. Users of KuCoin must provide their names, ID numbers, ID photos, and successfully pass a face recognition process.
OKX has a similar September deadline as Bitget for users to complete a KYC process to confirm their identity. Users who fail to complete the verification process will no longer be able to access OKX’s services starting on September 21. The three-step process is similar to that of KuCoin.
