Crypto Exchange Bitget to Enforce Mandatory KYC for Users Starting September

SUMMARY

• Bitget will be enforcing mandatory KYC for users starting September 1, 2023.
• Newly registered users will need to complete level 1 KYC verification in order to access Bitget's services.
• Existing users who have not completed level 1 KYC verification by October 1, 2023 will only be able to withdraw, cancel orders, redeem subscriptions, and close positions.

In a bid to align with global crypto regulations, crypto exchange Bitget has announced upcoming adjustments to its know-your-customer (KYC) requirements. 

Starting September 1, newly registered users will be mandated to complete level 1 KYC verification in order to access Bitget’s range of services, including deposit and trading o digital assets. 

For users who signed up before Sept 1, a level 1 KYC verification must be completed before October 1. Starting October 1, users who fail to meet level 1 KYC requirements will only be able to withdraw, cancel orders, redeem subscriptions, and close positions.

In July, Kucoin, another crypto exchange, enhanced its Customer Identification and Verification Program, enforcing mandatory KYC for all users. 

Bitget’s level one KYC verification requires users to provide a government-issued identity document and undergo facial authentication. 

This proactive measure underscores Bitget's commitment to safeguarding user interests while adhering to evolving global cryptocurrency regulations.