Commencing on September 1, newly onboarded customers will be required to fulfill level 1 KYC authentication, encompassing the submission of an identity document such as a passport and the completion of facial verification, as Seychelles-based cryptocurrency exchange Bitget intends to enhance its know-your-customer (KYC) prerequisites for individuals desiring to deposit funds or engage in trading activities on its platform.
Perceived insufficiencies in rigorous KYC evaluations within crypto exchanges have elicited criticism, with regulatory bodies contending that these vulnerabilities contribute to instances of fraud, money laundering, and the facilitation of terrorist financing.
Consequently, certain exchanges have progressively intensified these requirements in recent months. In June, the larger counterpart, Kucoin, unveiled a comparable initiative. Bitget, with a claimed user base of 20 million worldwide, boasts a 24-hour trading volume of approximately $310 billion, as per data provided by CoinGecko. By the end of 2022, Kucoin had reported 27 million users, while the two foremost exchanges, Binance and Coinbase, had each surpassed 100 million users individually.
Present clients have time until October 1 to finalize this procedure, after which they will retain the capability solely to effectuate withdrawals, terminate orders, or conclude positions. Bitget revealed this development on Monday.
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