Top derivatives trading platform Bitget Exchange has announced plans to enhance its Know-Your-Customer (KYC) policy with the core intention of providing more security for its users.
Bitget is also undergoing this adjustment to comply with global cryptocurrency regulatory requirements and establish a secure environment for digital asset trading.
New Bitget Sign-ups Timeline
The crypto exchange defined KYC verification as a set of procedures engaged by financial service providers and other regulated entities to ascertain users’ identities.
“Bitget will verify your identity for risk assessment purposes, thereby reducing risks for both parties involved,” per a published statement.
From September 1st, all newly signed-up users will be required to have completed level 1 KYC verification in order to gain access to Bitget services including deposits and crypto trading.
This process will include providing official government-issued documentation and undergoing facial recognition procedures. The verification process can be initiated from the User Profile.
Older Bitget Users Allowed Grace Window
On the other hand, users who had signed up before September 1st will be allowed a grace window till October 1st. During this time, they will still be permitted to deposit, withdraw and trade as usual.
However, from October 1st, they will be limited to performing withdrawals, order cancellations, subscription redemption, and position closure. In addition, they will be limited to creating new orders.
Users are, therefore, encouraged to complete their KYC verification as soon as possible to avoid disruption or restriction of service.
Bitget Seeks to Comply With Crypto Regulations
Before now, Bitget’s intention to comply with the global digital asset regulatory framework has been seen in some of the strategic moves that the derivative crypto trading firm has made.
About three months ago, the exchange registered as a Virtual Asset Service Provider (VASP) in Poland. The authorization made it legal for the exchange to offer its services to the Polish market.
This was a huge achievement for Bitget, especially as it had been planning to expand its presence in the European Union region.
By this time, the crypto exchange had ventured into Africa by registering in Seychelles.
According to Gracy Chen, Bitget’s Managing Director, Seychelles is regarded as a crypto-friendly nation.