skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,423.37 4.86%
ethereum
Ethereum (ETH) $ 3,352.10 9.61%
tether
Tether (USDT) $ 1.00 0.19%
solana
Solana (SOL) $ 255.26 9.50%
bnb
BNB (BNB) $ 620.92 2.74%
xrp
XRP (XRP) $ 1.19 9.90%
dogecoin
Dogecoin (DOGE) $ 0.384997 3.56%
usd-coin
USDC (USDC) $ 0.999589 0.14%
staked-ether
Lido Staked Ether (STETH) $ 3,350.29 9.74%
cardano
Cardano (ADA) $ 0.804567 0.57%

Crypto Exchange Bitget to Tighten ID Requirements as Regulators Cite Fraud Concerns

  • New customers will have to complete level 1 know-your-customer (KYC) verification starting Sept. 1.

  • Regulators often criticized crypto exchanges for a perceived laxity in KYC checks, saying they lead to fraud, money laundering and terrorist financing.

Singapore-based cryptocurrency exchange Bitget is to tighten its know-your-customer (KYC) requirements for users wishing to deposit or trade on its platform from the start of next month.

From Sept. 1, new customers will have to complete level 1 KYC verification, which involves submitting an identity document like a passport and completing facial authentication. Existing customers have until Oct. 1 to complete the process, after which time they will only be able to withdraw, cancel orders or close positions, Bitget announced 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. As a result, some exchanges have been tightening these requirements in recent months. Larger rival Kucoin introduced a similar program in June.

Bitget says it has 20 million users worldwide and has 24-hour trading volume of around $310 billion, according to data by CoinGecko. Kucoin had 27 million users as of end-2022, while the two largest exchanges, Binance and Coinbase have more than 100 million each.

Edited by Sheldon Reback.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top