Seychelles-based cryptocurrency exchange Bitget to tighten KYC requirements
Bitget, a cryptocurrency exchange based in Seychelles, has announced that it will be tightening its know-your-customer (KYC) requirements for users. Starting from September 1, new customers will have to complete level 1 KYC verification, which involves submitting an identity document and completing facial authentication. Existing customers have until October 1 to complete the process, after which they will only be able to withdraw, cancel orders, or close positions.
Key points:
– Bitget is tightening its KYC requirements for users from September 1.
– New customers will have to complete level 1 KYC verification.
– Existing customers have until October 1 to complete the process.
– After October 1, they will only have limited functionalities on the platform.
– Bitget’s move follows a trend of exchanges tightening their KYC requirements.
The move by Bitget comes in response to criticism regarding the lack of stringent KYC checks in the cryptocurrency exchange industry. Regulators have raised concerns about these lax requirements, as they can lead to fraud, money laundering, and terrorist financing. In recent months, several exchanges, including larger rival Kucoin, have implemented similar programs to enhance their KYC processes.
Bitget currently boasts 20 million users worldwide and has a 24-hour trading volume of around $310 billion. However, it is still smaller in scale compared to the likes of Binance and Coinbase, which have over 100 million users each.
Hot Take
The tightening of KYC requirements by Bitget is a step in the right direction for the cryptocurrency exchange industry. By implementing stricter verification processes, exchanges can help reduce the risks of fraud and money laundering. This move also aligns with the increasing regulatory scrutiny on the industry. While some may view these requirements as burdensome, they are necessary for the long-term sustainability and legitimacy of the cryptocurrency market.
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