Bitget Implements New KYC Requirements to Comply with Global Regulations

What you need to know:

Seychelles-based cryptocurrency derivatives exchange, Bitget, has announced updated Know Your Customer (KYC) requirements for its users. The move is in line with global regulatory guidelines and aims to protect user rights, ensure a secure trading environment, and comply with recommendations from global watchdogs.

What changes are being made?

Starting from September 2023, newly registered users will be required to complete level 1 KYC verification in order to access Bitget's services, including deposits and cryptocurrency trading. Users who signed up before September 1st will have until October 1st, 2023, to complete the KYC verification process. However, from October onwards, users who have not completed the verification process will face restrictions.

What are the consequences of not completing the KYC verification process?

Users who fail to complete the KYC verification process will have limited functionality on the platform. They will only be able to perform withdrawals, cancel orders, redeem subscriptions, and close positions. They will be restricted from creating new trading orders.

Why is Bitget implementing these changes?

Bitget states that it is implementing these new KYC requirements to uphold user rights and interests, create a secure trading environment, and comply with regulatory guidelines from various global watchdogs. The updated KYC procedures align Bitget with mainstream financial institutions and regulated organizations.

Other exchanges with new KYC policies:

Bitget is not the only exchange updating its KYC policy. KuCoin, another cryptocurrency exchange, introduced mandatory identity checks for new users in July 2023 to comply with global anti-money laundering (AML) regulations. Similarly, OKX, another exchange, is requiring users to complete a KYC process by September. Failure to complete the verification process will result in limited access to the exchanges' services.

Source: Bitget