In response to the growing number of crypto-related crimes, exchanges are taking steps to enhance their security measures and reduce risks. Bitget, a well-known cryptocurrency exchange, has recently made an announcement regarding changes to its “know your customer” (KYC) requirements for its users.
The exchange is updating its policies to ensure that it remains compliant with global regulatory standards and to provide better protection for its users. This move is in line with global regulatory standards for the crypto industry and is intended to provide better protection for users.
Bitget and Other Exchanges are Tightening Their Security
Bitget recently announced that starting September 1, new users will be required to complete a level-one KYC verification process upon registration. Existing users of the platform will have until October 1, 2023, to complete the identity verification process.
During the period between September 1 and October 1, users who have not yet completed the KYC verification will still be able to withdraw, deposit, and trade on the platform. However, after October 1, Bitget will restrict trading activities for users who have not completed the verification process.
To complete the level-1 KYC verification process on Bitget, users are required to provide a government-issued identification document and undergo facial authentication. This process helps to ensure that the exchange remains compliant with global regulatory standards and provides better protection for its users.
This move to increase KYC requirements is part of Bitget’s plans for global expansion. In April, the company announced that it had raised $100 million in funding to support Web3 innovation in Asia.
The Seychelles-based crypto exchange has also been expanding its range of services, including the launch of cryptocurrency loan products on July 4, which provide alternative funding options through the use of crypto assets.
In light of increased regulatory scrutiny in the global crypto industry, many cryptocurrency exchanges have implemented strict “know your customer” (KYC) verification processes for their users. KuCoin, for example, recently announced that it will be making changes to its Identity Verification procedures. The new process will take effect on August 31, 2023, at 0:00 UTC, according to the announcement.
