Bitget, the Seychelles-based exchange, will require all new users to complete level one KYC verification starting September 1. Those who signed up before September 1 must meet the new requirements by October 1 or they won’t be able to make trades, deposits, or withdrawals. The KYC process involves providing a government-issued ID and completing facial authentication, which takes about 20 minutes. Bitget’s expansion plans, including a $100 million venture capital fund and the launch of new products like crypto loans, necessitate stricter compliance measures. KYC helps the company avoid dealing with scammers and potential money laundering. By implementing these measures, Bitget can better understand their clients and prevent financial crimes.
**Key points:**
1. Bitget is adding a KYC process for new users starting September 1.
2. Existing users must meet the new KYC requirements by October 1.
3. The KYC process involves providing ID and completing facial authentication.
4. Bitget’s expansion plans require stricter compliance measures.
5. KYC helps prevent scammers and money laundering.
**Hot Take:**
Bitget’s decision to implement a KYC process for new and existing users is a proactive step towards strengthening their security measures and preventing financial crimes. By requiring users to provide personal identification and complete facial authentication, Bitget can better understand who they are dealing with and detect potential fraud. This move aligns with the company’s global expansion plans and commitment to protecting its users. While KYC processes can be seen as an inconvenience for some, they play a crucial role in maintaining the integrity of the cryptocurrency industry.
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