Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines.
According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment and comply with regulatory recommendations from various global watchdogs.
BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services including deposits and trading of cryptocurrencies.
Users that signed up to the platform before Sept. 1 are required to complete KYC verification by Oct. 1, 2023. The derivatives exchange notes that users that have not completed the process through September will still be able to deposit, withdraw and trade.
However from October onwards users that have not carried out the KYC verification process will be limited to withdrawals, cancel orders, redeem subscriptions and closing positions and will be restricted from being able to create new trading orders.
Bitget also noted that it would follow through with KYC procedures to verify customers identities for risk assessment purposes in line with a majority of mainstream financial institutions and regulated organizations.
The Seychelles-based platform is the latest exchange to announce that it would be updating its KYC policy.
KuCoin instituted similar requirements in July 2023, introducing mandatory identity checks for all new users to align with global anti-money laundering (AML) regulations. Users that failed to complete KYC checks are unable to access KuCoin’s services and products. KuCoin users are required to provide their names, ID numbers, ID photo and complete a facial recognition process.
OKX is also requiring users to carry out a KYC process to verify identities, with a similar deadline to Bitget in September. The three step process mirrors that of KuCoin, while users that fail to carry out the verification process would be unable to access OKX’s services from the Sept. 21.