Bitget To Introduce Mandatory KYC Requirements For Enhanced Security And Compliance
VICTORIA, Seychelles, August 22, 2023 — Bitget, top cryptocurrency derivatives and copy trading platform, has announced mandatory Know Your Customer (KYC) requirements coming into effect starting September 1, 2023. Under updated rules, all new users will be required to complete KYC verification upon registration. Existing clients who have not yet completed KYC will have a grace period until September 30.
The KYC requirements aim to improve security compliance for traders on the Bitget exchange. The compliance team will use KYC information to identify customers and analyze risk profiles, as KYC procedures help prevent money laundering and financing of illegal activities per global and regional financial regulations.
Bitget will employ Level 1 and Level 2 KYC verifications, granting access to a range of services including earning, spot trading, futures trading, copy trading, and launchpad. From September 1, all new sign-ups will be required to complete Level 1 KYC to access Bitget services. For users who registered prior to September 1, this period will be extended until October 1. If failing to undergo the verification process before October, they will have their options limited to only withdraw, cancel orders, redeem subscriptions, and close positions, with restrictions on creating new trades.
Non-KYC users will be restricted to conduct any transactions or operations on Bitget, with the withdrawal feature as the only exception. By complying with AML and KYC regulations, Bitget demonstrates a commitment to transparency that builds confidence with partners, aligning with global regulatory standards.
“Bitget is further embracing compliance trends to protect our users. We believe introducing mandatory KYC will strengthen security for the benefit of users and reduce the risk of breaches. These requirements align with standard financial legislation that we must follow as a comprehensive financial services platform. By verifying identities, we reinforce our commitment to provide a secure trading environment for loyal customers who value compliance as much as we do,” said Gracy Chen, Managing Director of Bitget.
The introduction of KYC requirements exemplifies Bitget's commitment to providing regulated and secured service, embracing compliance trends. The exchange is already a registered Virtual Asset Service Provider (VASP) in Poland and has completed similar procedures in Lithuania. Looking ahead, Bitget plans to double its efforts on compliance to instil further trust and confidence from users worldwide.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, please contact: media@bitget.com
- Press releaseBitget Protection Fund Hits $424 Million Average, a 40% Increase from its Initial Commitment VICTORIA, Seychelles, 8th November, 2024 — Bitget, the leading cryptocurrency exchange and Web3 company, has released the latest valuation of its Protection Fund for October 2024. The fund, an essential safeguard for the exchange indicates the platform’s ongoing measures to secure user assets and uphold financial stability. Throughout October, the Protection Fund experienced notable resilience, with the highest recorded valuation reaching $473 million on October 30. The monthly average stood at2024-11-08
- Press releaseBitget lists Peanut the Squirrel (PNUT) on its Spot Corridor Victoria, Seychelles, 7th November, 2024 – Bitget, the leading cryptocurrency exchange and Web3 company has listed Peanut the Squirrel (PNUT) on its platform for Spot trading, offering users access to trending digital assets with significant market potential. The token will be available for trading starting November 7, 2024, at 20:00 (UTC+8), bringing an anticipated addition to the innovation-focused trading ecosystem. Peanut the Squirrel (PNUT) has drawn interest esp2024-11-07
- Press releaseBitget Opens Token Listing Applications with New Standard Procedure to Enhance Transparency and Integrity Victoria, Seychelles, 5th November, 2024 - Bitget, the world's leading crypto exchange and Web3 company, has opened up a new listing application portal on its platform, with enhanced due diligence for applications and rigid review process for token listings. The upgrade aims to enhance the transparency of the asset onboarding process, ensuring that crypto project teams have a better understanding of the procedures involved. Under the n2024-11-05