Cryptocurrency exchange Bitget has announced that it plans to update its KYC process for new users beginning on September 1, 2023. This move is said to be a necessary step to comply with regulatory requirements in the evolving cryptocurrency sector.
According to the official announcement on the company’s website, the current KYC verification requirements will be adjusted. Once the adjustments go into effect, all newly signed-up users will be required to complete level 1 KYC verification to access various Bitget services such as depositing and trading of digital assets.
KYC rules for everyone
The upcoming changes to Bitget’s KYC procedures are part of an ongoing process that started a few months ago. The exchange sent certain users an email back in June 2023 pertaining to some changes to its KYC verification policy and stated that it was needed to comply with the changing landscape of international regulations concerning crypto.
Now, users that already have a Bitget account – as well as those that are able to sign up before 12:00 am (UTC+8) on September 1, 2023 – are required to follow a slightly different set of rules. They will be given the chance to complete level 1 KYC verification from September 1 to October 1 while enjoying full access to Bitget’s services.
However, users that still haven’t completed level 1 KYC by October 1 will be limited to only withdrawals, cancelling orders, redeeming subscriptions, and closing positions. In short, they will be restricted from creating new trading orders on Bitget’s platform.
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Why is KYC necessary?
KYC, which stands for know-your-customer, is a verification process typically used by companies in the financial sector and other regulated industries to prove and verify user identities. In Bitget’s case, they want to verify the identities of users for risk assessment purposes, as part of an overall effort to reduce risks for all parties involved.
If you’re wondering where to find cryptocurrency exchange platforms that aren’t as strict when it comes to KYC, check out our top picks for the best “No-KYC” crypto exchanges. These platforms allow users to fulfil all their trading needs while offering as much flexibility as possible.
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