Bitget, a cryptocurrency derivatives exchange, is revising its KYC (Know Your Customer) requirements for consumers in order to comply with international regulatory standards.
The new KYC criteria is being imposed to protect users’ rights and interests, create a secure environment for cryptocurrency trading, and adhere to regulatory recommendations from many international watchdogs.
In order to access several Bitget services, including deposits and crypto trading, Bitget will be modifying its KYC verification standards starting in September 2023, requiring newly registered users to successfully pass level 1 of the KYC verification.
However, the users who have not completed the KYC verification process can only get access to making withdrawals, cancelling orders, redeeming subscriptions, and closing positions going forward; they will not be able to place new trading orders.
It was also stated by Bitget that it would be adhering to KYC procedures for confirming consumers’ identities for risk assessment purposes in line with the majority of established financial institutions and regulated organizations.
In July 2023, similar measures were implemented by KuCoin when it introduced identification verifications for all new users as a necessity. This was done in accordance with the International Anti Money Laundering Law. KuCoin’s services and products cannot be used by users who failed to complete the KYC verification. Users of KuCoin will have to register their names, ID numbers, and photos in order to successfully complete the face recognition process.
