Bitget Strengthens KYC Rules
In a bid to bolster user rights, adhere to international regulatory standards within the cryptocurrency realm, and establish a more secure trading environment, Bitget has announced substantial adjustments to its Know Your Customer (KYC) verification procedures. These modifications are set to take effect from September 1, 2023.
Following OKX and KuCoin, Bitget announced that it will strengthen its KYC policy. From October 1st, users who have not completed Level 1 KYC verification will only be able to withdraw funds, cancel orders, and close positions. To complete Level 1 KYC, you need to submit…
— Wu Blockchain (@WuBlockchain) August 21, 2023
KYC Verification Reinforcement
Commencing at 12:00 AM (UTC+8) on September 1, 2023, all newly registered users on the Bitget platform will be required to undergo level 1 KYC verification. This step is mandatory for accessing a range of services, including but not limited to digital asset deposits and trades. The move is aligned with industry trends and reflects an industry-wide commitment to safeguarding the interests of cryptocurrency users.
For existing users who joined Bitget prior to September 1, 2023, a deadline of October 1, 2023, 12:00 AM (UTC+8) has been set to complete their level 1 KYC verification. During the interim period between September 1 and October 1, users who have not yet fulfilled this requirement can continue depositing, withdrawing, and trading as usual. However, post-October 1, users who remain non-compliant with level 1 KYC verification will face limitations, including the inability to initiate new trading orders. They will only be permitted to perform actions such as withdrawals, order cancellations, subscription redemptions, and position closures.
Strengthening Crypto Security
Bitget’s decision to heighten KYC verification aligns with its commitment to providing a secure trading ecosystem. By implementing KYC measures, the platform aims to enhance security and reduce risks for both its users and itself. KYC verification has long been recognized as an industry-standard practice, commonly used by financial institutions and regulated organizations for identity validation and risk assessment purposes.
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Bitget’s users are urged to complete their level 1 KYC verification as soon as possible to avoid potential disruptions in trading activities and other platform services. The verification process can be initiated through the User Profile section, and users are encouraged to follow the provided guidelines meticulously to ensure seamless compliance. The changes are poised to enhance trust among users, regulators, and market participants, solidifying Bitget’s position as a responsible and forward-thinking player in the cryptocurrency trading arena.
