Seychelles-based cryptocurrency derivatives exchange, Bitget, is implementing new Know Your Customer (KYC) requirements for its users starting from September 2023. The updates are designed to align with tightening global regulations and ensure compliance with recommendations from regulatory bodies worldwide. The exchange aims to protect user rights and create a secure cryptocurrency trading environment.
From September 2023, newly registered users will be required to complete level 1 KYC verification to access Bitget’s services, including cryptocurrency deposits and trading. Existing users who signed up before September 1 are required to complete the KYC verification process by October 1, 2023.
Users who haven’t completed the process by September will still be able to deposit, withdraw, and trade. However, starting from October, users who haven’t undergone KYC verification will be restricted to limited actions, such as withdrawals, canceling orders, redeeming subscriptions, closing positions, and won’t be able to create new trading orders.
Bitget emphasizes that it will follow KYC procedures to verify customer identities for risk assessment, similar to mainstream financial institutions and regulated organizations. This update puts Bitget among the latest exchanges to announce updates to their KYC policies, reflecting the wider trend of regulatory compliance in the cryptocurrency industry.
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