New users need to finish a basic ID check (level-one KYC verification) before they can deposit money and start trading, according to the company.
Bitget, a cryptocurrency exchange, is making its rules about knowing its users (KYC) stronger. The company said that starting from September 1st, new users need to do a basic check (level-one KYC verification) before they can put money in and trade digital money on Bitget. This is because they want to follow the rules in the global cryptocurrency world and make sure trading is safe.
For people who signed up before September 1st, they have to finish the basic check before October 1st. If they don’t, they can only take out money, cancel orders, and close their deals.
The basic check on Bitget asks users to show an ID that the government gave them and prove it’s really them. The exchange’s page where people sign up says this will take about 20 minutes.
Increased ID Check
Bitget is making its ID check rules stronger as the exchange tries to be more known worldwide. They started a $100 million fund in April, focused on Asia.
In July, Bitget started letting people get loans with cryptocurrencies, which helps people who need money and have digital money.
In July, KuCoin, another crypto exchange, said everyone has to show their ID before they use the exchange. If they don’t, they might have restrictions. This change came after KuCoin got sued by New York State Attorney General Letitia James. The lawsuit said KuCoin was acting like a broker or dealer without getting the right permission.
Bybit, another crypto exchange, said in May that everyone has to show their ID for all their services.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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