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Bitget introduces KYC to comply with increasingly stringent global regulations

bitgetsA derivatives crypto exchange based in Seychelles, updating requirements get to know your customer (KYC) allows users to keep up with global regulations.

According to the company, the new KYC requirements were created to protect the rights and interests of users, create a safe environment for cryptocurrency trading, and comply with regulations recommended by various global regulators.

BitGet will change verification requirements from September 2023requiring newly registered users to complete verification Level 1 KYC to access a variety of services, including Cryptocurrency deposit and trading.

Bitget’s KYC authorization update. Source: Bitget

Users who registered on the platform before September 1 must complete KYC verification by October 1, 2023.. The derivatives exchange states that users who do not complete the process by September will still be able to deposit, withdraw and trade.

However, as of October, users who have not completed the KYC verification process will be limited to withdrawing, canceling, using subscriptions and closing positions and will no longer be able to create new trading orders.

Related: Sandbox implements KYC measures for staking protocol

Additionally, Bitget said it will follow KYC procedures to authenticate customers for risk assessment purposes, in line with most traditional financial institutions and regulated entities.

The Seychelles-based platform is the latest exchange to announce an update to its KYC policy.

KuCoin introduced mandatory identity checks for all new users, introducing similar requirements in July 2023 to comply with global anti-money laundering regulations. Users who do not complete KYC checks cannot access KuCoin’s services and products. Users are required to provide their name, ID number, ID photo and complete the facial recognition process.

OKX also requires users to go through a KYC process like Bitget with a September deadline to verify their identity. The three-step process mirrors KuCoin e’s process From September 21, users who do not complete the verification process will not be able to access OKX services.

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