Bitget Cracks Down On Fraud And Money Laundering With New KYC Requirements

Bitget will soon require new users to undergo level 1 KYC (Know Your Customer) verification.

Starting Sep. 1, users will have to provide an identification document, such as a passport, and undergoing facial recognition.

Current users are given until Oct. 1 to fulfill this requirement.

See Also: Unstoppable Bitcoin Crash? Here's When The Nightmare Might End

After this deadline, their activities on the platform will be limited to withdrawals, order cancellations, or position closures, as stated by Bitget on Monday.

"Crypto exchanges have been criticized for a perceived lack of stringent KYC checks, with regulators saying that these lead to fraud, money laundering, and terrorist financing."

In light of this, several exchanges, including major competitor Kucoin in June, have been enhancing their KYC protocols.

Bitget claims a global user base of 20 million and boasts a 24-hour trading volume nearing $310 billion, based on CoinGecko's data.

In comparison, Kucoin reported 27 million users by the close of 2022.

Meanwhile, industry giants Binance (CRYPTO: BNB) and Coinbase (NASDAQ: COIN) each cater to an audience exceeding 100 million.

Read Next: Shiba Inu, Dogecoin And Floki Set To Eclipse Bitcoin's Legacy After Market Chaos, Says Analytics Firm

Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!