Cryptocurrency exchange Bitget is making the KYC requirement for its users stricter. From September 1, new customers will have to comply with new 1 KYC norms that include identity proof such as passport and competing facial authentication. Without meeting these KYC requirements, users will not be able to deposit funds or trade on its platform, Bitget said in a statement.
Existing customers can complete the 1 KYC requirements by October 1. If they fail to complete the new KYC requirements by the deadline, they will not be able to deposit or trade on the Bitget platform. They can only cancel orders, withdraw, or close positions, the statement added.
“Know-your-customer (KYC) verification is a set of procedures used by financial institutions and other regulated organizations to verify your identity. Bitget will verify your identity for risk assessment purposes, thereby reducing risks for both parties involved. To complete level 1 verification, access KYC verification on your User Profile,” Bitget said.
Last month, the Seychelles-based crypto derivatives exchange announced a yearlong partnership with American actor and comedian Adam Devine to promote wider adoption of crypto.
“With the campaign, Bitget aims to empower individuals and encourage more people to adopt the #SetForChange mindset, fearlessly embracing innovations and leveraging cutting-edge technologies for better development. Working with comedians, such as Adam, will allow us to lower the knowledge barrier, making crypto and Web3 more fun and accessible to attract more youth, who will ultimately be the key builder to bring our society forward, to a more crypto-friendly future,” Bitget said.
