Bitget mandates KYC requirements in line with tightening global regulations

Seychelles-based cryptocurrency derivatives speech Bitget is updating its Know Your Customer (KYC) requirements for users to enactment successful measurement with planetary regulatory guidelines. 

According to the company, the caller KYC requirements are being instituted to support idiosyncratic rights and interests, signifier a unafraid cryptocurrency trading situation and comply with regulatory recommendations from assorted planetary watchdogs.

BitGet volition set its KYC verification requirements from September 2023, with recently registered users required to implicit level 1 KYC verification to entree a assortment of Bitget’s services, including deposits and trading of cryptocurrencies.

Bitget’s updated KYC mandate. Source: Bitget

Users that motion up to the level earlier Sept. 1 are required to implicit KYC verification by Oct. 1, 2023. The derivatives speech notes that users who person not completed the process done September tin inactive deposit, retreat and trade.

However from October onwards users that person not carried retired the KYC verification process volition beryllium constricted to withdrawals, cancel orders, redeem subscriptions and closing positions and volition beryllium restricted from being capable to make caller trading orders.

Related: The Sandbox implements KYC measures for protocol staking

Bitget besides noted that it would travel done with KYC procedures to verify customers identities for hazard appraisal purposes successful enactment with a bulk of mainstream fiscal institutions and regulated organizations.

The Seychelles-based level is the latest speech to denote that it would beryllium updating its KYC policy.

KuCoin instituted akin requirements successful July 2023, introducing mandatory individuality checks for each caller users to align with planetary anti-money laundering (AML) regulations. Users that failed to implicit KYC checks are incapable to entree KuCoin’s services and products. KuCoin users are required to supply their names, ID numbers, ID photograph and implicit a facial designation process.

OKX is besides requiring users to transportation retired a KYC process to verify identities, with a akin deadline to Bitget successful September. The 3 measurement process mirrors that of KuCoin, portion users that neglect to transportation retired the verification process would beryllium incapable to entree OKX’s services from the Sept. 21.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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