Bitget Enhances Platform Security with Rollout of Mandatory KYC

7:55 pm
December 14, 2023

Bitget, a leading cryptocurrency exchange, has recently announced the mandatory implementation of Know Your Customer (KYC) requirements for all its users, effective from December 15, 2023. The decision aims to align the exchange with global financial regulations and enhance its status as a tier1 platform. Additionally, this move is part of Bitget’s ongoing efforts to bolster platform security and regulatory compliance.

Key Highlights

  • Bitget emphasizes that mandatory KYC verification will offer increased protection for users against theft and fraud, as well as higher withdrawal limits and exclusive access to Bitget events for verified accounts.
  • The process is part of the exchange’s anti-money laundering compliance and aligns with other user protection measures, such as Bitget’s Proof of Reserves, Protection Fund, and cold storage solutions.
  • Notably, users will be able to complete the KYC checks in two tiers, with Level 1 granting access to all services and products, including derivatives, copy trading, and up to $3 million in daily withdrawal limits.
  • Bitget has introduced a rewards program to incentivize cooperation, offering trading bonuses, VIP account bonuses, and even the opportunity to win an iPhone 15 Pro for users who complete the verification process before the deadline.

Having launched in 2018, Bitget has rapidly emerged as one of the top cryptocurrency exchanges and Web3 companies, boasting over 20 million users globally. The exchange has obtained multiple regulatory approvals and is pursuing licenses in the Middle East and North African (MENA) region as part of its global expansion.

FAQs

What is KYC verification?

KYC, which stands for Know Your Customer, is a process used by businesses to verify the identity of their clients for risk management, regulatory compliance, and to prevent illegal activities such as money laundering and fraud.

What are the benefits of mandatory KYC for Bitget users?

Mandatory KYC for Bitget users offers increased protection against theft and fraud, higher withdrawal limits, and exclusive access to Bitget events for verified accounts. Additionally, completion of KYC checks opens up opportunities for users to participate in a rewards program and potentially earn trading bonuses and other incentives.

How can users complete the KYC verification process?

Bitget users can complete the KYC checks in two tiers, with Level 1 granting access to all services and products, including derivatives, copy trading, and higher daily withdrawal limits.

Summary

Bitget has announced the implementation of mandatory KYC requirements for all its users, starting from December 15, 2023. The exchange aims to enhance platform security, align with global financial regulations, and reinforce its status as a tier1 platform. Through this move, Bitget also seeks to provide increased protection for users against theft and fraud, along with several benefits such as higher withdrawal limits and exclusive access to Bitget events for verified accounts. Additionally, the exchange has introduced a rewards program to encourage users to complete the verification process, offering trading bonuses and other incentives. As Bitget continues its global expansion, the introduction of mandatory KYC reflects the company’s commitment to providing a secure and compliant trading environment for its growing global community.


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