The cryptocurrency exchange, Bitget, is making know-your-customer (KYC) verification mandatory for all users; an announcement was made on August 21st.
Bitget wants this KYC verification requirement “To better protect users’ rights and interests, comply with regulatory requirements in the global cryptocurrency sector, and create a secure cryptocurrency trading environment”.
From the start of Sept. 1, new users who signed up should have to do level-one KYC verification if they want to deposit and trade digital assets on Bitget, as clarified by the company.
Users who signed up before September 1 must complete level 1 KYC before October 1. If the user did not complete verification, they will still be able to deposit, withdraw, and trade as usual between September 1 and October 1.
Bitget also said, “However, starting from October 1, users who have not completed level 1 KYC verification will only be able to withdraw, cancel orders, redeem subscriptions, and close positions, being restricted from creating new trading orders.”
For level one KYC verification, all users have to submit a government-issued identity document and also undergo the process of facial authentication. The whole process may take about 20 minutes, as mentioned on Bitget’s registration landing page.
Also Read: Bitget Teams Up with Copper’s ClearLoop for Off-Exchange Trading
