In a recent announcement, the cryptocurrency derivatives exchange Bitget revised its Know Your Customer (KYC) requirements in an attempt to align with the international regulatory standards. This move is aimed at creating a secure environment for cryptocurrency trading while fully complying with ongoing regulatory recommendations. Emphasizing on the need for their users’ rights protection, Bitget has stated that their revised KYC guidelines serve as a safeguard.
From September 2023, Bitget will implement these changes to its KYC verification process. Newly registered users will be required to complete level 1 KYC verification to avail the array of services offered by Bitget. These services include cryptocurrency trading and the ability to deposit funds. By adhering to these evolving regulatory parameters, proposed by global financial watchdogs, Bitget is signaling its adaptability.
Providing a transition period of one month, Bitget has given its existing users till October 1, 2023, to comply with their level 1 KYC verification. During this interim period, users who haven’t yet fulfilled the KYC verification requirement will be able to perform regular functions. However, starting from October, users without completed level 1 KYC verification will face functional restrictions on their account. Such users will only be allowed to perform specific activities, while creating new trading orders will be restricted, indicating Bitget’s seriousness about conducting meticulous KYC procedures.
Reflecting a broader trend in the cryptocurrency exchange industry, Bitget isn’t alone in its strict stance on KYC guidelines. Major players such as KuCoin, which in July 2023 enforced mandatory identity checks on all new users in compliance with Anti-Money Laundering (AML) regulations, have started to echo this sentiment. Those who fail to meet the KYC requisites are barred from KuCoin’s complete suite of services.
In the same vein, OKX, another leading player in the crypto field, has implemented similar KYC processes with September as their deadline. Users who fail to comply by this deadline face losing access to OKX services.
Overall, it’s evident that exchanges are prioritizing regulatory compliance and user identity verification. While this might seem concerning to some users due to perceived limitations, it evidently lays the ground for more secure cryptocurrency trading. With their users’ interest at heart, Bitget advises its users to promptly complete their level 1 KYC verification to continue enjoying uninterrupted and secure services.