Bitget announced Monday that it is enhancing its Know-Your-Customer (KYC) verification standards. The crypto exchange said the move aims to elevate user security and align with global regulatory measures.
Recently, other crypto platforms like KuCoin and OKX also laid down updated KYC policies for their users.
Bitget Updates KYC Rules Incoming
Starting September 1, Bitget noted that all newcomers coming to the platform must undergo level 1 KYC verification to access its services, including the deposit and trading digital assets.
Meanwhile, existing users must complete this level 1 verification by Oct. 1, 2023.
The statement noted,
“Starting from Oct. 1, users who have not completed level 1 KYC verification will only be able to withdraw, cancel orders, redeem subscriptions, and close positions, being restricted from creating new trading orders.”
Notably, regulated entities employ KYC verification to validate the identity of their users. Bitget emphasized that it is integral for risk assessment.
Take a look at some of the exchanges that do not have KYC requirements: 13 Best No KYC Crypto Exchanges in 2023
This year, the leading crypto derivatives and copy trading platform has been in the news for a series of notable developments. For instance, in April, Bitget included Liquid Staking Derivatives (LSDs) as a margin option for its Coin-margined Futures. In the same month, the platform invested $10 million in Fetch.ai, an artificial intelligence platform.
Bitget launched a new referral program in May to bolster its user base. Recently, the exchange took a bold marketing step by collaborating with popular comedian Adam Devine for a promotional campaign.
That said, Bitget isn’t the sole crypto exchange revisiting its KYC standards.
Other Crypto Exchanges Tighten Rules
Earlier this year, global crypto exchanges witnessed heightened regulatory scrutiny, prompting many to bolster their verification procedures. KuCoin, a prominent exchange based in Seychelles, recently intensified its customer identification and verification program. The announcement came on June 28.
OKX also publicized a deadline for completing advanced verification. Based on user reports, it temporarily halted withdrawals in May for people not adhering to KYC level 2 verification.
Additionally, Bybit took similar steps in the month. It mandated Level 1 identity verification to access its suite of offerings. Existing users, who had not undergone this verification, were restricted from initiating new trading ventures.
Stricter KYC protocols among exchanges come amid an evolving regulatory framework worldwide.
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