Today, the popular crypto derivatives exchange Bitget made an important announcement. The platform’s team has updated its know-your-customer (KYC) verification requirements "to better protect users' rights and interests, comply with regulatory requirements in the global cryptocurrency sector, and create a secure cryptocurrency trading environment."
The adjustments to the KYC verification requirements will come into force from September 1, 2023. Any new user registering on the platform will be required to pass a Level 1 KYC verification in order to access Bitget’s core features, including its services for depositing funds and trading digital assets.
Users who registered on the platform before that day will have one month to complete the verification process. These users will be able to use the full range of the platform's services until October 1. After that, without verification, they will only be allowed "to withdraw, cancel orders, redeem subscriptions, and close positions," while the creation of new trading orders will be restricted.
Earlier in July, Bitget published instructions to help its users complete the verification process via the web version of the platform. Essentially, the process is based on identity verification which can be fulfilled by uploading an ID card, passport, or driver’s license.
The compulsory data collected by the exchange are first and last name, nationality, and date of birth.
Bitget recommends that users complete the verification process as soon as possible "to prevent any potential restrictions in trading and other services."