On September 1, 2023, Bitget, a leading worldwide cryptocurrency exchange and Web3 firm, stated that Know Your Customer (KYC) regulations will be enforced. The company is now working to roll out the implementation.
All new users must complete identity verification when registering, per the amended regulations. There will be a grace period for current traders who haven’t finished their KYC until December 15, 2023. With this project, Bitget is taking a big step toward its continuous goal of giving its users all around the world a safe and regulated trading environment.
The goal of the KYC requirements is to increase traders’ adherence to security on the Bitget exchange. As per international and regional financial rules, KYC processes assist prevent money laundering and financing of illicit activities. Accordingly, the compliance team will utilize KYC information to identify consumers and analyze risk profiles.
In order to provide users with access to a variety of services, such as earning, spot trading, copy trading, and launchpad, Bitget will use Level 1 and Level 2 KYC verifications. All new sign-ups will need to finish Level 1 KYC in order to access Bitget services as of September 1. Users who enrolled before September 1st will only be able to make withdrawals, cancel orders, redeem subscriptions, and close positions if they don’t complete the verification procedure by December 1st. It will be impossible for them to make any further trading orders.
In order to gain even more trust and confidence from users all across the world, Bitget intends to increase its efforts in compliance going forward.
