Bitget to require tightened KYC process for all users from September Bitget to require tightened KYC process for all users from September
Bitget will verify users' identity for risk assessment purposes.
2 min read
Updated: Oct. 15, 2023 at 4:22 am UTC
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Cryptocurrency exchange Bitget will upgrade its Know Your Customer (KYC) requirements starting Sept. 1 to align with global regulatory requirements, according to an Aug. 21 statement.
The Seychelles-based platform wrote that all newly registered users must complete basic KYC requirements to deposit and trade digital assets from Sept. 1. Users must submit government-issued documents and face recognition.
The firm continued that users who register before Sept. 1 are required to complete the process before Oct. 1. However, those who failed to complete the process before this set deadline would “only be able to withdraw, cancel orders, redeem subscriptions, and close positions, [and be] restricted from creating new trading orders.”
Bitget stated that it would verify its users’ identity for risk assessment purposes and to reduce risks for both parties involved. According to the crypto exchange, this process would help to create a secure trading environment.
Meanwhile, Bitget is the latest crypto exchange to reveal intentions to upgrade its KYC policy. In June, KuCoin said it would implement mandatory KYC checks for its users. At the time, the firm said the policy change was part of efforts to meet global compliance requirements and ensure the safety of its user assets.
Bitget integrates Copper’s ClearLoop network
On Aug. 18, Bitget also revealed that it had integrated Copper’s ClearLoop network to allow its institutional clients to perform off-exchange settlements.
Per the press statement, Bitget’s institutional clients can store their digital assets in Copper’s MPC (multi-party computation) wallet while enjoying rapid settlement when trading on Bitget.
Bitget stated that the integration would strengthen digital asset security, reduce counterparty risks and improve capital efficiency.
Gracy Chen, Bitget’s managing director, said:
“We noticed the growing demand for enhanced asset security and efficient trading solutions. Institutional clients can now benefit from this cutting-edge solution, further solidifying Bitget’s position as a global leader in the cryptocurrency exchange ecosystem.”
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