Nikolas Sargeant
Leading cryptocurrency exchange Bitget has announced the introduction of its platform-wide Know Your Customer (KYC) requirements for all EN users.
In a press release shared with Cryptowisser, the crypto exchange said the move is effective from December 15, 2023, and is set to enhance security for Bitget users while ensuring compliance with all applicable financial regulations.
The rollout of mandatory KYC was first announced in August. According to the team, the move will bolster Bitget’s reputation as a tier-1 exchange and support its goal of serving a global user base of crypto holders. The initiative marks a significant milestone in Bitget's mission to provide a secure and regulated trading environment for its users.
The cryptocurrency exchange said it had put in place a two-tier KYC system. Completing Level 1 allows users access to all Bitget services including derivatives trading and copy trading with daily withdrawal limits of up to $3 million.
Bitget added that the introduction of its KYC is done in phases to minimize disruption and allow users time to upgrade their accounts. Its introduction will reinforce Bitget’s efforts to fight financial crimes such as money laundering and provide greater protection for users.
The introduction of KYC is part of a broader initiative from the cryptocurrency exchange to fortify its platform and better safeguard user assets. Other provisions include Proof of Reserves, a Protection Fund, and state-of-the-art cold storage.
To serve as an incentive for users to verify their accounts, Bitget is offering a number of exclusive rewards. The first 5,000 users who complete KYC verification by December 15, 2023 will receive a trading bonus of up to 100 USDT. VIP users completing their KYC verification before the deadline, meanwhile, can earn between 200-500 USDT in bonuses. Other rewards include a chance to win an iPhone 15 Pro and 100 USDT for users who complete a short KYC questionnaire.
The KYC process can be completed within a few minutes, with Bitget sending confirmation to users shortly afterwards. Verified users enjoy enhanced protection against theft and fraud, higher withdrawal limits, and access to exclusive Bitget events.
While commenting on this latest development, Jamie Elkaleh, the Country Manager of Bitget, said,
“As a leading player in the cryptocurrency exchange landscape, Bitget is committed to not only offering state-of-the-art services but also ensuring a secure and compliant trading environment for our global community. The introduction of mandatory KYC requirements for all users is a decisive step towards enhancing user security and aligning with global financial regulations.
This initiative, effective from December 15, 2023, is more than a compliance measure; it's a testament to our dedication to maintaining Bitget’s status as a tier 1 exchange. We understand the importance of trust and security in the digital asset space and are determined to lead by example.”
The cryptocurrency exchange concluded that the move to mandatory KYC aligns with global financial regulations, underscoring the platform's dedication to compliance and user security.
Bitget has been around since 2018 and is one of the world's leading cryptocurrency exchange and web3 company. The exchange serves over 20 million users in more than 100 countries globally.
