Bitget, the cryptocurrency derivatives exchange, has unveiled updated Know Your Customer (KYC) prerequisites in response to global regulatory standards. The aim of this initiative is to ensure alignment with international regulatory directives and to establish a secure ecosystem for cryptocurrency trading.
The exchange underscores that the revised KYC protocols have been introduced to safeguard the rights and interests of its user base.
Starting September 2023, Bitget will gradually implement the alterations to its KYC validation process.
Prospective users enrolling with the platform will need to successfully complete level 1 KYC verification before they can access a wide array of services available through Bitget. These services encompass the ability to deposit funds and participate in trading diverse cryptocurrencies.
Bitget has revealed that their actions are in accordance with evolving regulatory norms proposed by worldwide financial oversight entities.
Pre-existing users will have a one-month grace period if they registered with Bitget before September 1 to finalize their level 1 KYC verification.
The deadline for accomplishing this process has been set for October 1, 2023. During the interim period spanning September 1 to October 1, users yet to fulfill the KYC verification prerequisite will retain uninterrupted functionality, including deposits, withdrawals, and trading.
However, starting October 1, users who have not completed the essential level 1 KYC verification will encounter limitations on their accounts. They will be limited to activities such as withdrawals, order cancellations, subscription redemptions, and position closures. The ability to generate new trading orders will be restricted for this subset of users.
Bitget is unequivocal in its commitment to execute the KYC procedures with meticulous attention to verifying customer identities.
The revision in KYC policies by Bitget mirrors a prevailing trend in the cryptocurrency exchange domain, as other prominent exchanges have also adapted to regulatory scrutiny by implementing stringent KYC mandates.
For instance, KuCoin, another significant exchange, introduced analogous prerequisites in July 2023. These measures incorporate compulsory identity validations for all new users, harmonizing with global Anti-Money Laundering (AML) stipulations. Non-compliance with KYC requisites renders users ineligible to access KuCoin’s suite of services and offerings.
Similarly, OKX, another leading player in the cryptocurrency sphere, is likewise adopting a KYC procedure to validate user identities. This verification process, akin to that of Bitget, has a September deadline. Users failing to adhere to the verification process will lose access to OKX’s services from September 21.
Bitget has advised its users to promptly fulfill their level 1 KYC verification to ensure continuous utilization of the exchange’s services and trading capabilities.