Bitget Implements KYC Requirements In Compliance With Global Regulatory Guidelines
The crypto derivatives exchange, Bitget, has hinted at modifying its Know Your Customer (KYC) requirements for users to comply with international regulatory guidelines. According to the Seychelles-based company, the updated KYC criteria are being implemented to protect user privileges and concerns and create a safe environment for cryptocurrency trading in line with global regulatory oversights.
Adhering To Global Regulatory Requirements
Bitget’s KYC verification process will undergo some changes effective September 2023. The firm stated that first-time users must complete the level 1 KYC verification after signing up. This extra step will enable Bitget to provide a range of services to its users, from handling deposits to participating in cryptocurrency trading.
In addition, the company stated that those joining the platform before September 1 must complete their KYC verification by October 1. The derivatives exchange wants to ensure all its users have completed their KYC verification by that date.
It added if a user is yet to complete their KYC verification by September, they can still deposit, withdraw, and trade without issue. However, users who still need to complete their KYC verification will face restrictions beginning in October.
First, they will be limited to withdrawal services, cancel orders, redeemed subscriptions, and closed positions. The company also noted that such users cannot initiate new trading orders.
The platform has repeatedly emphasized its commitment to KYC procedures, saying that these measures are critical for confirming customers’ identities and reducing transaction risks. Bitget’s approach is consistent with many well-established financial institutions and regulated organizations worldwide.
The move aims to create a safe and compliant trading environment for all.
KuCoin And OKX Join The KYC Trend
In July 2023, KuCoin implemented new requirements, making ID verification mandatory for all new users. This move indicates that the firm has also aligned with global anti-money laundering regulations.
If new users fail to pass the KYC checks, they are barred from using KuCoin’s services. However, KuCoin’s user verification process was simple but thorough.
KuCoin’s KYC requirements include personal details like names, ID numbers, ID photos, and even a facial recognition step. This step also ensures that the exchange keeps its services and products secure and compliant with regulatory protocols.
OKX, another leading crypto exchange, is also working to improve its platform security. Like Bitget, it has set a September deadline for users to complete a KYC process to confirm their identities.
The crypto exchange noted that those who do not complete this verification process will lose access to OKX’s services beginning September 21. The latest action demonstrates OKX’s commitment to providing its users with a secure and compliant trading environment.
Since the start of 2023, the global crypto regulatory landscape has shifted following the high-profile collapse of digital asset trading platforms and the rising number of scams and money laundering activities.
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