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The cryptocurrency derivatives exchange Bitget, located in Seychelles, is revising its Know Your Customer (KYC) protocols for users to align with international regulatory standards.
The company states that the updated KYC protocols are being implemented to safeguard user rights and interests, foster a secure cryptocurrency trading atmosphere, and adhere to regulatory suggestions from various global authorities.
Starting from September 2023, Bitget will modify its KYC verification requirements, mandating newly registered users to complete level 1 KYC verification to utilize a range of Bitget’s services, including cryptocurrency deposits and trading.
Bitget’s updated KYC mandate. Source: Bitget
Users who register on the platform prior to September 1 must finalize their KYC verification by October 1, 2023. The derivatives exchange indicates that users who do not complete the process throughout September can still deposit, withdraw, and trade.
However, beginning in October, users who have not completed the KYC verification will face limitations on withdrawals, order cancellations, subscription redemptions, and position closures, and they will be prohibited from placing new trading orders.
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Bitget also mentioned that it would implement KYC procedures to authenticate customers’ identities for risk assessment in accordance with the practices of most mainstream financial institutions and regulated entities.
The Seychelles-based exchange is the most recent platform to declare updates to its KYC policy.
KuCoin established similar requirements in July 2023, mandating identity verification for all new users to comply with global Anti-Money Laundering regulations. Users who do not complete KYC verification are unable to access KuCoin’s services and products. KuCoin users must provide their names, ID numbers, ID photos, and undergo a facial recognition process.
OKX is also requiring users to complete a KYC process for identity verification, with a September deadline similar to Bitget. The three-step process is akin to that of KuCoin, and users who do not finish the verification will be unable to access OKX’s services starting September 21.
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