Cryptocurrency derivatives platform Bitget has announced a comprehensive overhaul of its Know Your Customer (KYC) requisites, aimed at ensuring steadfast adherence to global regulatory benchmarks.
Notably, this strategic move coincides with the exchange’s commitment to harmonise its operations with recommendations from international regulatory bodies, fostering a robust and secure platform for cryptocurrency trading.
Central to this strategic realignment is the introduction of updated KYC protocols, expressly designed to protect the interests and rights of Bitget’s user base.
The rollout of these revised guidelines is scheduled to commence in September 2023, marking a pivotal milestone in the platform’s approach to user verification.
Newly registered users on the platform will be mandated to successfully complete level 1 KYC verification before gaining access to an array of services proffered by Bitget. This gamut of services encompasses pivotal functionalities, including the ability to initiate fund deposits and participate in the dynamic trading of diverse cryptocurrencies.
Bitget’s recent announcement underscores the platform’s unwavering dedication to conforming to the ever-evolving regulatory landscape, a commitment endorsed by influential financial regulatory entities worldwide.
Most importantly, existing Bitget users, who had already registered before September 1, will be given a grace period of one month to complete their level 1 KYC verification, with the deadline set for October 1, 2023.
During the interim phase spanning September 1 to October 1, users yet to fulfill the KYC prerequisites can continue to perform critical actions, such as deposits, withdrawals and trades, without encountering any service interruptions.
However, effective October 1, users who have not fulfilled the obligatory level 1 KYC verification will encounter specific account limitations.
The level 1 KYC users, the scope of activities will be narrowed down to withdrawals, order cancellations, subscription redemptions and position closures. The privilege of generating new trading orders will be curtailed for this category of account holders.
Bitget is resolute in its commitment to meticulously execute KYC procedures, thereby manifesting its earnest endeavor to validate the identities of its esteemed client. This shift in KYC protocols mirrors a broader industry trend within the cryptocurrency exchange sphere, as key industry players respond to heightened regulatory scrutiny regarding stringent KYC requisites.
KuCoin, another prominent exchange, embarked on a parallel trajectory by instituting similar requirements in July 2023. These measures encompass mandatory identity verifications for all new users, aligning seamlessly with global Anti-Money Laundering (AML) regulations.
Users are not permitted to use the wide range of services and goods offered by KuCoin if they do not comply with the KYC requirements.
In congruence with this trend, another heavyweight player, OKX, is also adopting a KYC validation process to authenticate user identities.
Parallel to Bitget’s timeline, this verification process bears a September deadline. Users who neglect to fulfill this process will experience a cessation of access to OKX’s services effective from September 21.
Bitget has fervently advised its users to promptly conclude their level 1 KYC verification to ensure uninterrupted access to the platform’s comprehensive suite of services and trading functionalities.
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