Crypto Exchange Bitget to Tighten ID Requirements as Regulators Cite Fraud Concerns

By August 21, 2023 In Exchanges
  • 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.

Singapore-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.

Miami Mayor Francis Suarez: I’ve ‘Never Been a Fan’ of…

HODLers Love to Hold Crypto, Glassnode Data Suggests


Mastercard Creates a Forum for Crypto Players…

PayPal’s Stablecoin Splash; Sam…

Hardware Wallet Maker Ledger to Let Users Buy…

Valkyrie Files Ethereum-Focused ETF Application…

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.

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.

Published on

View the full article

You may also like