Cryptocurrency exchange Bitget has introduced forced first-level verification for users. The company announced this on its blog.
Exchange officials say the measure is intended to “better protect the rights and interests of users, comply with regulatory requirements in the cryptocurrency sector and create a safe trading environment.”
From September 1, 2023, new users will be required to undergo a Level 1 Know Your Customer (KYC) process. You need this to access services that include deposit and trading of digital assets.
Users who registered before September 1, 2023, must undergo KYC verification by October 1, 2023.
From September 1 to October 1, users who have not yet passed KYC verification will still be able to deposit, withdraw funds and trade as normal.
However starting October 1 users who have not been verified will only be able to withdraw funds and close positions.
In August, cryptocurrency exchange KuCoin said it was tightening KYC verification requirements.
The new rules go into effect Aug. 31. In May, OKX announced a tighter verification process and lowered the daily withdrawal limit for users.