Bitget, a Seychelles-based cryptocurrency exchange, will be upgrading its Know Your Customer (KYC) requirements for users. It is expected that this will enable users to go by the global regulatory guidelines.
Sources revealed that the new KYC requirements will be implemented to protect user rights and interests and shape a safe cryptocurrency trading environment. This is also expected to comply with regulatory requirements from different regulators, Cointelegraph added.
BitGet is expected to implement its KYC verification requirements from September 2023. It is believed that this will be applicable only to newly registered users. Supposedly, the users will be required to complete level 1 KYC verification to access a variety of Bitget’s services, including deposits and exchange of cryptocurrencies, Cointelegraph highlighted.
It is believed that from October, users who have not carried out the KYC verification process will be limited to withdrawals, cancel orders, redeem subscriptions and closing positions, among others. Furthermore, they will also be restricted from being able to create new trading orders, Cointelegraph concluded.
(With insights from Cointelegraph)
