The Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) procedures to conform to global regulatory requirements.
According to the company, these improved KYC methods are intended to protect user rights and interests, promote a secure bitcoin trading ecosystem, and comply with regulations issued by international regulatory bodies.
BitGet will change its KYC verification procedures as of September 2023. To use different Bitget services including bitcoin deposits and trading, new users must complete level 1 KYC verification.
The Seychelles-based bitcoin derivatives exchange Bitget is improving its Know Your Customer (KYC) procedures to comply with international regulatory requirements.
The exchange claims that these improved KYC procedures are intended to protect user rights, guarantee a more secure environment for bitcoin trading, and comply with rules set forth by international regulatory bodies.
In September 2023, BitGet will update its requirements for KYC verification. Level 1 KYC verification will be required before new users can access services like bitcoin trading and deposits.
Users who haven’t finished the KYC verification, however, will have their account privileges restricted beginning in October. These restrictions only permit withdrawals, order cancellations, subscription redemptions, and position closings. Furthermore, they won’t be able to start fresh trading orders.
As part of risk assessment, Bitget underlines its dedication to adhering to KYC standards, aligning itself with industry norms and regulatory entities.
The latest in a string of exchanges to announce modifications to its KYC policy is this Seychelles-based platform. To comply with international anti-money laundering legislation, KuCoin, for instance, imposed similar requirements in July 2023, imposing mandatory identification verification for all new users. People who didn’t finish the KYC process were denied access to KuCoin’s services and goods. Users of KuCoin were required to submit their names, ID numbers, ID photographs, and successfully pass a facial recognition test.
Similar to Bitget, OKX is also putting in place a KYC procedure for identity verification, with a September completion date. The procedure, which consists of three parts, is similar to KuCoin’s strategy. Starting from the specified date, those who don’t finish the verification process by that time won’t be allowed to use OKX’s services from 21 september .