Dive into the story of Bitget, the fast-rising crypto exchange, as it announces the imminent introduction of identity verification (KYC) for its users. Find out how this decision, imposed by regulatory pressures, will transform the crypto trading experience on this platform in search of popularity.
In the ever-changing world of cryptocurrencies, Bitget, the crypto exchange in search of popularity, unveils a new chapter in its history. Like an echo of the changes resonating across the industry, Bitget is preparing to impose a new rule of the game by announcing mandatory identity verification (KYC) for its users.
Like its counterparts ByBit, KuCoin and others, Bitget recognizes the need to comply with regulatory standards by imposing identity verification (KYC) on its users. In an official statement, the emerging crypto exchange reveals that, from September 1, 2023, all new registrants will be required to complete Level 1 KYC verification to access its crypto trading platform.
For users already registered before this date, Bitget is granting a grace period, requiring Level 1 KYC verification by October 1, 2023. Between these two deadlines, existing users will be able to continue depositing, withdrawing and trading cryptocurrencies, a temporary respite in this transition.
Bitget, a Path to Adaptation!
However, from October 1, 2023, the scene will change. Users who have not completed Level 1 KYC verification will be restricted to certain actions, such as withdrawing, cancelling orders, redeeming subscriptions and closing positions. New trading orders, meanwhile, will become inaccessible to those who have not passed KYC verification.
Bitget, with all the delicacy of a thoughtful host, warmly invites its existing users to engage in this verification process as soon as possible. This step, though restrictive, will enable traders to enjoy the platform’s services smoothly, avoiding future embarrassments.
Bitget’s announcement reflects a broader trend in the world of crypto trading. Under the watchful eye of regulators, platforms are being forced to adapt to regulatory requirements. While this transition is not always met with enthusiasm within the crypto community, it does testify to the delicate balance between innovation and compliance.
Based in the Seychelles, Bitget is renowned for its crypto derivatives trading services and copy trading solutions. Although less well known than some of its counterparts, the platform strives to attract the attention of the general public. It has even turned to humor, enlisting the help of American actor and comedian Adam Devine to broaden its audience, dramatizing its quest for popularity in the ever-changing world of cryptocurrencies.
