Bitget Enhances KYC Verification Standards to Elevate User Security
Bitget, a leading crypto exchange, has announced that it is updating its Know-Your-Customer (KYC) verification standards to enhance user security and align with global regulatory measures. This move follows similar updates by other platforms like KuCoin and OKX.
Key Points:
- Starting September 1, all newcomers to Bitget must undergo level 1 KYC verification to access services.
- Existing users must complete level 1 verification by Oct. 1, 2023.
- Users who have not completed level 1 verification by Oct. 1 will have limited functionality, only being able to withdraw, cancel orders, redeem subscriptions, and close positions.
- Bitget emphasizes that KYC verification is crucial for risk assessment.
- Other crypto exchanges, including KuCoin, OKX, and Bybit, have also tightened their KYC protocols.
Hot Take:
As regulatory scrutiny increases in the crypto industry, it is essential for exchanges to prioritize user security and comply with global regulations. By updating their KYC verification standards, Bitget and other platforms are taking proactive measures to mitigate risks and ensure a safer trading environment for their users.
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