- Bitget announces mandatory level-one KYC verification for all users starting September 1.
- The enhanced verification includes submission of government ID and facial authentication.
Leveling Up on User Authentication
One of the leading cryptocurrency platforms, Bitget, unveiled its decision today to intensify its user verification procedures. Beginning September 1, those registering with the platform will have to undergo a level-one Know Your Customer (KYC) verification process to engage in trading and deposit digital currencies. Bitget’s rationale for this amendment aligns with the broader objective of adhering to international regulatory standards within the cryptocurrency realm, thereby promoting a more protected and regulated trading atmosphere.
For the clientele that had onboarded Bitget prior to the stipulated date, there’s a grace period until October 1 to conform to these newly-introduced KYC prerequisites. Post this deadline, their operations on the exchange will be limited solely to withdrawals, order cancellations, and concluding positions.
What Does Level-One KYC Entail?
This escalated verification level demands users to provide a government-sanctioned identification document, supplemented with facial verification. Bitget anticipates that this comprehensive process should wrap up within an approximate 20-minute window, ensuring both security and efficiency.
A Trend Gaining Traction
Bitget’s recalibration of its KYC standards isn’t an isolated move. This strategy surfaces at a time when the platform is casting its net wider on a global scale. A testament to its ambitious expansion goals was the unveiling of a substantial $100 million global venture capital reservoir this past April, with a discernible emphasis on the Asian markets.
Moreover, in an endeavor to diversify its product suite and cater to a broader user base, Bitget rolled out its cryptocurrency loan offerings in July. This initiative is tailored for individuals exploring unconventional financial avenues underpinned by digital assets.
Bitget’s revised stance on KYC is reflective of a broader shift in the crypto industry, advocating for stringent user verification. KuCoin, another noteworthy crypto exchange, took the lead in July, mandating KYC protocols for its entire user base. This move was propelled by legal complications when the New York State Attorney General took legal action against KuCoin. Another player, Bybit, didn’t lag, unveiling its robust KYC requirements across all its services as early as May.
