Bitget, a cryptocurrency derivatives platform, has introduced updated guidelines for its Know Your Customer (KYC) process in order to align with international regulatory norms.
The cryptocurrency exchange made the decision to provide a secure environment for bitcoin trading and to align its procedures with suggestions from global regulatory authorities.
The exchange asserts that the updated KYC policies were implemented to protect the rights and interests of its users.
Bitget will implement the modifications to its KYC verification process starting in September 2023.
Before they may access any of the services provided by Bitget, newly registered customers must undergo level 1 KYC verification.
The ability to deposit money and trade different cryptocurrencies are two of these services.
Bitget stated in the statement that they are following the development of regulatory standards put forth by international financial industry watchdogs.
Existing users have a one-month window.
Before September 1st, users who signed up with Bitget will have a month to complete their level 1 KYC verification.
The process must be finished no later than October 1, 2023. Users who haven’t yet completed the KYC verification requirement between September 1 and October 1 will still be able to carry out operations like deposits, withdrawals, and trades without any interruptions.
Users whose level 1 KYC verification has not been completed will have their account privileges restricted as of October 1.
These users will only be able to perform withdrawals, order cancellations, subscription redemptions, and position closings.
For this category of users, placing new trading orders will be limited.
Bitget is adamant that it will diligently carry out the KYC processes to confirm the identities of its consumers.
The shift in Bitget’s KYC procedures reflects a wider trend in the cryptocurrency exchange market, as other significant exchanges have also buckled under regulatory pressure due to stringent KYC requirements.
For instance, KuCoin, a different well-known exchange, put similar regulations in place in July 2023.
All new users of KuCoin must submit to necessary identity checks as required by international anti-money laundering (AML) laws. Users are ineligible to use KuCoin’s services and goods if they do not comply with the KYC standards.
The KYC procedure is being used by OKX, another well-known exchange in the bitcoin industry, to confirm users’ identities. The deadline for this verification process is September, just like Bitget’s. Starting on September 21, users who refuse to complete the verification process will no longer have access to OKX’s services.
To continue utilising the exchange’s services and trading features, Bitget recommended its users quickly complete their level 1 KYC verification.