Bitget to Update KYC Requirements in September
- Crypto exchange Bitget will make it mandatory for new users to undergo its level-1 KYC process starting 1 September, old users will have until 1 October to do the same.
- The level-1 KYC process requires users to submit a government identification and undergo facial authentication, and is in line with global regulatory guidelines.
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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.
- Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
- The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..
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- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
- The assets were discovered and frozen during an investigation to identify any FTX and Alameda-related transactions on OKX, which was launched shortly after their collapse.
- The Seychelles-based also announced plans to expand its crypto services in Australia, and open a regional office in the country in the coming months.