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Crypto Exchange Bitget to Tighten ID Requirements as Regulators Cite Fraud Concerns
Existing customers have until Oct. 1 to complete the process, after which time they will only be able to withdraw, cancel orders or close trading positions.
- New customers will have to complete level 1 know-your-customer (KYC) verification starting Sept. 1.
- Regulators often criticized crypto exchanges for a perceived laxity in KYC checks, saying they lead to fraud, money laundering and terrorist financing.
Seychelles-based cryptocurrency exchange Bitget is to tighten its know-your-customer (KYC) requirements for users wishing to deposit or trade on its platform from the start of next month.
From Sept. 1, new customers will have to complete level 1 KYC verification, which involves submitting an identity document like a passport and completing facial authentication. Existing customers have until Oct. 1 to complete the process, after which time they will only be able to withdraw, cancel orders or close positions, Bitget announced on Monday.
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Crypto exchanges have been criticized for a perceived lack of stringent KYC checks, with regulators saying that these lead to fraud, money laundering and terrorist financing. As a result, some exchanges have been tightening these requirements in recent months. Larger rival Kucoin introduced a similar program in June.
Bitget says it has 20 million users worldwide and has 24-hour trading volume of around $310 billion, according to data by CoinGecko. Kucoin had 27 million users as of end-2022, while the two largest exchanges, Binance and Coinbase have more than 100 million each.
Read More: Bitget Exchange Faces Lawsuit by Advisor of ReelStar Token Project After the Listing Goes Sour
CORRECTION (Aug. 21, 11:05 UTC): Corrects Bitget's location.Article previously said Bitget is Singapore-based.
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