KYC Process Requirements for Users in Order to Comply With Regulations and Improve Security- Bitget Crypto Exchange
Cryptocurrency derivatives exchange Bitget announced revised Know Your Customer (KYC) requirements to ensure compliance with global regulatory standards.
The move comes as the crypto exchange aims to align its operations with recommendations from international regulatory bodies and to provide a secure environment for cryptocurrency trading.
The exchange claims that the revised KYC guidelines are put in place to safeguard the interests and rights of its users.
Starting from September 2023, Bitget will roll out the changes to its KYC verification process.
New users who register with the platform will be required to complete level 1 KYC verification before they can access a range of services offered by Bitget.
These services include the ability to deposit funds and engage in the trading of various cryptocurrencies.
Bitget revealed in the announcement that they are adhering to evolving regulatory guidelines that have been proposed by global watchdogs in the financial sector.
Existing Users Get a Window of One Month
Users who have signed up with Bitget before September 1 will be given a window of one month to complete their level 1 KYC verification.
The deadline for completing this process is set for October 1, 2023. During the interim period between September 1 and October 1, users who haven’t yet fulfilled the KYC verification requirement will still be able to perform functions such as deposits, withdrawals, and trades without any disruption.
However, starting from October 1, users who have not completed the mandatory level 1 KYC verification will experience limitations on their account.
These users will only be able to carry out activities like withdrawals, canceling orders, redeeming subscriptions, and closing positions.
Creating new trading orders will be restricted for this group of users.
Bitget is clear in its intention to conduct the KYC procedures meticulously to verify the identities of its customers.
The change in KYC policies by Bitget echoes a broader trend within the cryptocurrency exchange industry as other major exchanges have also succumbed to regulatory scrutiny over strict KYC guidelines.
For instance, KuCoin, another prominent exchange, implemented comparable requirements in July 2023.
KuCoin’s measures include mandatory identity checks for all new users, in line with global Anti-Money Laundering (AML) regulations. Failing to fulfill the KYC requirements renders users ineligible to access KuCoin’s suite of services and products.
Similarly, OKX, another leading exchange in the cryptocurrency space, is also instituting a KYC process to verify user identities.
This verification process, like that of Bitget, has a September deadline. Users who don’t comply with the verification process will lose access to OKX’s services from September 21.
Bitget advised its users to complete their level 1 KYC verification promptly to continue using the exchange’s services and trading functions.
Bitget integrates Copper’s ClearLoop network
On Aug. 18, Bitget also revealed that it had integrated Copper’s ClearLoop network to allow its institutional clients to perform off-exchange settlements.
Per the press statement, Bitget’s institutional clients can store their digital assets in Copper’s MPC (multi-party computation) wallet while enjoying rapid settlement when trading on Bitget.
Bitget stated that the integration would strengthen digital asset security, reduce counterparty risks and improve capital efficiency.
Gracy Chen, Bitget’s managing director, said:
“We noticed the growing demand for enhanced asset security and efficient trading solutions. Institutional clients can now benefit from this cutting-edge solution, further solidifying Bitget’s position as a global leader in the cryptocurrency exchange ecosystem.”
The crypto exchange said that starting from Sept. 1, newly signed-up users must complete level-one KYC verification to deposit and trade digital assets on Bitget.
This move is “to comply with regulatory requirements in the global cryptocurrency sector and create a secure cryptocurrency trading environment,” Bitget said.
For users who signed up before Sept. 1, they must meet the level-one KYC requirements before October 1. Otherwise, the exchange clarified, they will only be able to withdraw, cancel orders and close positions.