1 year ago
New customers volition person to implicit level 1 know-your-customer (KYC) verification starting Sept. 1.
Regulators often criticized crypto exchanges for a perceived laxity successful KYC checks, saying they pb to fraud, wealth laundering and violent financing.
Singapore-based cryptocurrency speech Bitget is to tighten its know-your-customer (KYC) requirements for users wishing to deposit oregon commercialized connected its level from the commencement of adjacent month.
From Sept. 1, caller customers volition person to implicit level 1 KYC verification, which involves submitting an individuality papers similar a passport and completing facial authentication. Existing customers person until Oct. 1 to implicit the process, aft which clip they volition lone beryllium capable to withdraw, cancel orders oregon adjacent positions, Bitget announced connected Monday.
Crypto exchanges person been criticized for a perceived deficiency of stringent KYC checks, with regulators saying that these pb to fraud, wealth laundering and violent financing. As a result, immoderate exchanges person been tightening these requirements successful caller months. Larger rival Kucoin introduced a akin programme successful June.
Bitget says it has 20 cardinal users worldwide and has 24-hour trading measurement of astir $310 billion, according to information by CoinGecko. Kucoin had 27 cardinal users arsenic of end-2022, portion the 2 largest exchanges, Binance and Coinbase person much than 100 cardinal each.
Edited by Sheldon Reback.
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