Seychelles-based crypto exchange Bitget will strengthen its know-your-customer (KYC) requirements to be more in line with global regulatory recommendations, the company said in a blog post on 21 August.
According to the announcement, the new KYC rules will come into effect on 1 September, making it mandatory for all new users to complete the level-1 KYC verification process in order to deposit and trade crypto on the platform. Users who created their accounts prior to this date will have until 1 October to go through the process, after which they will only be able to cancel orders, close positions, and withdraw.
With the goal of creating a “secure cryptocurrency trading environment”, Bitget said it will also follow through with the KYC procedures and verify customers’ identities for risk assessment, which is in line with a majority of mainstream financial institutions. The level 1 KYC process requires users to submit a government-issued identity document and complete facial authentication.
The move came soon after the company announced it was looking to expand its global presence, creating a $100 million venture capital fund focusing on Asia back in April. Bitget is also not the only crypto exchange to update its KYC requirements, with KuCoin introducing a similar program back in June, making it mandatory for users to complete the KYC checks.