In an increasingly regulated crypto world, exchanges are upgrading their standards to ensure they’re on the right side of the law. Bitget, a renowned cryptocurrency exchange, is the latest to make such a move. On August 21, the Seychelles-based platform announced it would be upgrading its Know Your Customer (KYC) requirements, a move slated to take effect on September 1.
Evolving Regulatory Landscape in Crypto
Global financial watchdogs have been increasing their scrutiny of the rapidly growing crypto sector. For exchanges, KYC has become the bedrock to ensure not just regulatory compliance but also user safety.
Key Point: All new users registering on Bitget from September 1 will need to complete basic KYC requirements, including the submission of government-issued documents and undergoing face recognition.
The change doesn’t just affect new users. Existing users who registered before September 1 have until October 1 to complete the verification process. If they don’t, their abilities on the platform will be significantly restricted.
Comparison with Other Exchanges
Bitget isn’t alone in this initiative. In June, KuCoin, another major crypto exchange, revealed its intentions to implement mandatory KYC checks. This rising trend points to the increasing importance of creating a secure trading environment and meeting global compliance standards.
Details of the New Bitget KYC Verification Process
To provide clarity on the changes, here’s what Bitget users can expect:
- For New Users (Post September 1, 2023, 12:00 AM UTC+8)
- Must complete level 1 KYC verification to access various Bitget services, notably the deposit and trading of digital assets.
- For Existing Users (Pre September 1, 2023, 12:00 AM UTC+8)
- While they can continue their activities as usual between September 1 and October 1, post the latter date, without KYC verification, they will only be allowed to withdraw, cancel orders, redeem subscriptions, and close positions. Creating new trading orders will be off-limits.
Bitget strongly recommends users to complete the level 1 KYC verification promptly to avoid any potential disruptions in their trading activities.
Understanding KYC and Its Importance
KYC Explained: Know-your-customer (KYC) verification is a series of procedures used by financial institutions and other regulated organizations to confirm an individual’s identity.
Bitget emphasizes that this verification process is for risk assessment purposes. The primary goal? To reduce potential risks for both the user and the platform, ensuring a safer trading environment.
For users, it’s essential to access the ‘KYC verification’ option under the User Profile to kickstart the process.
The crypto landscape is changing, and Bitget’s decision to heighten its KYC process is a testament to that shift. As regulatory requirements evolve, crypto exchanges globally are adapting to create a secure and compliant environment for their users. Bitget users, both new and existing, should act promptly to align with these new requirements and continue enjoying the platform’s robust offerings.