Bitget Strengthens KYC Verification Requirements to Enhance User Protection
Bitget, a popular crypto-exchange, has announced updates to its Know-Your-Customer (KYC) verification requirements. These changes aim to create a secure trading environment and protect the rights and interests of users. Here are the key points:
1. New Requirements: Starting from 1 September 2023, new users will need to complete Level 1 KYC verification to access Bitget’s crypto services. Existing users have until 1 October 2023 to complete the new KYC procedure.
2. Limited Functionality: After 1 October, users who haven’t completed Level 1 KYC verification can only withdraw funds, cancel orders, redeem subscriptions, and close positions. They won’t be able to create new trading orders.
3. Risk Assessment: KYC verification helps Bitget verify user identities and assess risks. This reduces the potential for fraud, money laundering, and terrorist financing.
4. Transparency: In addition to KYC, Bitget aims to ensure transparency on its platform. It has a Protection Fund, which reached a record high of over $368 million in July 2023, to protect users’ holdings in case of major incidents.
5. Reserves Ratio: Bitget’s Protection Fund has a ratio of 223% of total reserves, exceeding the industry threshold of 100%. This demonstrates its commitment to safeguarding users’ assets.
In conclusion, Bitget’s updates to its KYC verification requirements prioritize user protection and aim to create a safe environment for crypto-trading. The platform’s focus on transparency and its robust Protection Fund further enhance user trust.
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