Last Updated: August 22, 2023
• Bitget has updated its KYC requirements to comply with global regulatory standards.
• Customers will be required to complete a form and provide a valid government-issued ID, as well as complete a facial identification process, to access the full range of services on the platform.
• For customers who signed up before September 1, they have until October 1 to complete the level 1 KYC verification process or risk facing account restrictions.
Bitget Updates KYC Requirements
Bitget has joined the growing list of exchanges to advance stricter KYC requirements in recent months. The new rules will prevent unverified users from performing several critical operations on the platform. This article breaks down the new requirements and what users must do to avoid account restrictions.
Why Does Bitget Need KYC?
Policymakers worldwide have continued to sound the alarm on the money laundering and fraud risks posed by the growing adoption of cryptocurrencies. In response to these concerns, more exchanges are strengthening their Know Your Customer (KYC) rules to avoid regulatory scrutiny. Bitget is the latest exchange that has implemented such measures in order to protect their customers’ rights and interests while creating a more secure trading environment for all users.
What Are Bitget’s New Requirements?
To complete level 1 KYC verification on Bitget, customers must fill out a form requiring name, nationality, date of birth, as well as provide a valid government-issued ID and complete a facial identification process. Starting September 1st 2021, this process will become compulsory for new users and those who fail to complete it by October 1st risk facing account restrictions.
How Will This Affect Existing Users?
Existing users who signed up before September 1 have until October 1st 2021to complete level 1 KYC verification or face potential account restrictions beyond this deadline. However, they will still be able to conduct basic activities without completing this process until then.
Bitget’s updated KYC requirement is part of an industry-wide trend towards greater compliance with global regulations concerning money laundering and fraud risks associated with cryptocurrency useage – which ultimately serves both customer protection and creates a more secure trading environment for all parties involved