Bitget has unveiled a comprehensive update to its Know Your Customer (KYC) procedures and the new policy is slated to take effect from September 1, 2023.
The Seychelles-based cryptocurrency exchange announced this development on Monday, August 21, 2023, emphasizing that changes were made to “better protect users’ rights and interests, comply with regulatory requirements in the global cryptocurrency sector, and create a secure cryptocurrency trading environment.“
Under the revised KYC policy, new users will be required to complete the level 1 KYC verification process before they can access core Bitget services like deposits and trading cryptocurrencies.
Meanwhile, existing users have till October 1, 2023, 12:00 AM (UTC+8). to complete this level 1 KYC verification. Existing users can continue to access Bitget’s services until then. However, non-compliance by that date will see their access restricted. These affected users won’t be able to initiate new trading orders but can still initiate withdrawals, order cancellations, redeem subscriptions, and close trading positions.
Bitget informed its user community that they can complete the KYC verification process by accessing the KYC verification option within their user profiles.
This heightened emphasis on KYC procedures mirrors the trend of stricter compliance measures across cryptocurrency exchanges, prompted by evolving global regulations. Major crypto exchanges like OKX and KuCoin have recently introduced similar KYC requirements. OKX, for instance, has also set a September deadline for its user base to undergo KYC verification.
KuCoin, in a similar vein, introduced more stringent KYC requirements in July 2023. The exchange mandated users to submit personal details, ID numbers, and ID photographs and undergo a facial recognition procedure. CEO Johnny Lyu reportedly clarified that these measures are in line with legal requirements in various jurisdictions where they offer their services.
Meanwhile, this development coincides with Bitget’s ongoing expansion drive in the European market. The exchange received regulatory approval to operate as a virtual asset service provider (VASP) in Poland and Lithuania in May 2023.
The exchange also recently launched the Blockchain4Youth Initiative to increase young people’s interest in blockchain technology and introduce its services to the user base. As part of the initiative, a U30 Hackathon was kickstarted on August 12, 2023, to encourage young individuals to use AI and blockchain technology to solve industry problems.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”