A change is coming to Bitget’s KYC verification this Autumn.
Bitget, one of the largest crypto trading platforms, announced an update to its KYC verification requirements.
The company announced the changes on August 21st, citing the commitment to “better protect users' rights and interests, comply with regulatory requirements in the global cryptocurrency sector, and create a secure cryptocurrency trading environment.”
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Changes to KYC verification requirements will come into effect on September 1st, and all new users thereafter will have to complete level 1 KYC verification to gain access to various services, including deposits and trading of digital assets.
Users who have signed up before September 1st will have to complete the new verification by October 1st. During the one-month period, users will still be able to deposit, withdraw, and trade as usual on the platform, even without verification.
However, the update warned the users that:
Starting from October 1, users who have not completed level 1 KYC verification will only be able to withdraw, cancel orders, redeem subscriptions, and close positions, being restricted from creating new trading orders.
The company urged users to complete the new KYC verification process as soon as possible to limit any possible disruption to their trading.
In broad terms, KYC (Know Your Customer) is a customer identification that helps in the fight against financial crime and money laundering. It’s an industry standard for risk assessment purposes.
New KYC verification requirements seem to coincide with the company’s growth since recently, Bitget announced it aims to expand to the Middle East and opened an office in Dubai. And in May, Bitget received a Virtual Asset Service Provider (VASP) license in Poland.
