Bitget, a cryptocurrency derivatives exchange based in Seychelles, is enhancing its Know Your Customer (KYC) requirements in accordance with global regulatory standards.
The revised KYC rules aim to safeguard user interests, ensure a secure trading environment, and adhere to international regulatory directives.
Starting September 2023, all new Bitget users will need to finish level 1 KYC verification to access services like deposits and cryptocurrency trading.
For those registered before September 1, they must comply by October 1, 2023. Non-compliant users after September can still deposit, withdraw, and trade, but from October, they will only be allowed withdrawals, canceling orders, redeeming subscriptions, and closing positions.
New trade orders will be restricted. Bitget intends to align its KYC protocols with major financial institutions for risk assessment purposes.
Other exchanges are also updating their KYC policies. KuCoin mandated identity checks for its users in July 2023 to abide by global Anti-Money Laundering laws.
OKX, mirroring KuCoin’s three-step verification process, has set a September deadline for its users to complete the KYC process, after which non-compliant users will be restricted.
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