Bitget, a cryptocurrency derivatives exchange based in Seychelles, is enhancing its Know Your Customer (KYC) standards to align with global regulatory norms.
The company says that the new KYC standards will safeguard user rights and interests, foster a secure cryptocurrency trading environment and adhere to regulatory guidelines from various global authorities.
Starting from September 2023, new users of Bitget will have to complete level 1 KYC verification to access various Bitget’s services such as deposits and trading of cryptocurrencies.
Existing users who joined the platform before Sept. 1 will have to complete KYC verification by Oct. 1, 2023.
The derivatives exchange notes that users who have not completed the process through September will still be able to deposit, withdraw and trade.
However, from October onwards, users who have not done the KYC verification process will only be able to withdraw, cancel orders, redeem subscriptions and close positions and will not be able to create new trading orders.