Crypto News – Bitget, a cryptocurrency exchange, today announced that it is tightening its know-your-customer (KYC) guidelines for consumers.
Bitget KYC Verifications Are Getting Tighter
The cryptocurrency exchange announced that in order to deposit and trade digital assets on Bitget as of September 1, newly registered users must undergo level-one KYC verification. According to Bitget, the purpose of this action is to establish a secure environment for cryptocurrency trading while also adhering to regulatory obligations in the global cryptocurrency market.
Before October 1, users who registered before September 1 must fulfill the level-one KYC requirements. The exchange made it clear that if that happens, all they will be able to do is withdraw money, cancel orders, and close positions.
What is Required for Level-One KYC Verification?
Users must provide a government-issued identification document and undergo face authentication in order to complete Bitget’s level-one KYC verification. The registration main page for the exchange states that it will take around 20 minutes to complete.
As the exchange seeks to increase its global presence, Bitget has decided to tighten its KYC requirements. A $100 million global venture capital fund with a focus on Asia was introduced by the exchange in April. In addition, Bitget debuted its crypto loan products in July, aiming to provide users looking for alternate sources of capital through digital assets.
Why is Bitget Increasing KYC Verifications?
Cryptocurrency exchange KuCoin mandated know-your-customer (KYC) procedures for all users in July, warning that noncompliance would result in restrictions. This action was taken in response to Letitia James’ lawsuit against KuCoin, which claimed that the cryptocurrency exchange had functioned as an unlicensed broker or dealer of commodities and securities.
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