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Bitget implements mandatory KYC for enhanced security

bitget-implements-mandatory-kyc-for-enhanced-security
Edited by
News
Bitget implements mandatory KYC for enhanced security

Bitget, the world’s 10th largest cryptocurrency exchange, is implementing comprehensive Know Your Customer (KYC) requirements for all English-speaking users. 

The security-enhancing measure, effective from Dec. 15, aligns with regulatory standards to ensure compliance across the platform.

Aligning with global financial regulations

In response to user preferences and the need for flexibility, Bitget is implementing its KYC requirements in two tiers. Under this framework, the completion of Level 1 grants users access to all Bitget services, including derivatives and copy trading, with daily withdrawal limits extending up to $3 million.

Bitget’s rollout of the KYC implementation will be done in phases to minimize disruption and give users sufficient time to upgrade their accounts. The strategic introduction aligns with Bitget’s ongoing efforts to combat financial crimes like money laundering, reinforcing the platform’s dedication to enhancing user protection.

“As a leading player in the cryptocurrency exchange landscape, Bitget is committed to offering state-of-the-art services and ensuring a secure and compliant trading environment for our global community,” Bitget Country Manager Jamie Elkaleh said in a release. “The introduction of mandatory KYC requirements for all users is a decisive step towards enhancing user security and aligning with global financial regulations.”

In the press release shared with crypto.news, the exchange highlights that users who undergo KYC verification by the Dec. 15 deadline will also qualify for a trading bonus of up to 100 USDT, available for the initial 5,000 participants.

Enhancing wallet support

This comes on the same day Bitget Wallet shared the news of a new partnership with Deri Protocol.

https://twitter.com/BitgetWallet/status/1735231855241392344

The new addition was designed to improve the trading experience for users as a second move that would assist the platform in leading the industry by example.