Bitget, the esteemed cryptocurrency derivatives exchange rooted in Seychelles, is set to recalibrate its Know Your Customer (KYC) protocols in a pivotal move. This decision dovetails with the evolving regulatory landscapes across the globe. It also makes non-KYC crypto trading a tad harder.
Elevating User Protection and Trust
Highlighting their commitment, Bitget underscores that these KYC enhancements aim to fortify user rights and foster a more secure digital currency trading milieu. This initiative also responds to recommendations from multiple international oversight bodies.
Starting September 2023, Bitget delineates fresh guidelines:
- New users, post-September, must fulfill Level 1 KYC verification to unlock a spectrum of Bitget offerings such as crypto deposits and trading.
- For those who embarked on their Bitget journey before September 1, there’s a deadline: complete the KYC verification by October 1, 2023. They retain full platform functionalities till then.
However, a crucial transition commences in October. Users bypassing the KYC mandate will witness narrowed capabilities:
- The green light persists for withdrawals, order cancellations, subscription redemptions, and position closings.
- Yet, the ability to initiate new trading ventures stands curtailed.
Positioning Within the Financial Ecosystem
Emphasizing its meticulous approach, Bitget mentions its intent to execute KYC checks rigorously. This echoes the practices of many eminent financial entities, ensuring customer identity precision and risk evaluation.
The company explains:
“Know-your-customer (KYC) verification is a set of procedures used by financial institutions and other regulated organizations to verify your identity. Bitget will verify your identity for risk assessment purposes, thereby reducing risks for both parties involved. To complete level 1 verification, access KYC verification on your User Profile.”
Bitget’s announcement isn’t isolated. It joins a series of exchanges globally, revisiting and revamping their KYC strategies.
Platforms like Bitget lead the charge as the crypto domain matures. These steps ensure compliance, user trust, and resilient trading infrastructure for all.
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