Bitget Makes Shocking Announcement Users Must Complete Level-one KYC Verification Before October 1st
Bitget is a place where you can trade cryptocurrencies. With the new Bitget Kyc Verification, they want to make sure everyone is safe, so they are making their rules stricter.
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People sometimes do bad things with cryptocurrencies, so exchanges are making their rules stricter to stop that. Bitget, has said that users have to do a special check before October.
This is because there are many problems with people doing bad things using cryptocurrencies. Bitget wants to follow the rules that keep people safe around the world.
Bitget Kyc Verification: Making Rules Stronger for Everyone’s Safety
Starting from September 1, new users must do a special check called “know your customer” or KYC. People who are already using Bitget must finish this special check before October 1, 2023.
Between September 1 and October 1, people who didn’t finish the special check can still take out money, put in money, and trade. But after October 1, Bitget will stop people who didn’t finish the check from trading.
Making Sure People are Really Who They Say They Are
Bitget’s special check asks for a paper from the government that proves who you are, and you also have to show your face. It takes about 20 minutes to finish this special check.
Bitget is doing this because it wants to make sure everyone is safe when using their platform. Bitget is also planning to get bigger around the world.
On April 10, they said they got $100 million to help with new ideas in Asia. They are also adding new things to their platform. On July 4, they started offering loans using cryptocurrencies.
Exchanges Working Hard to Stop Bad People
Other exchanges where people trade cryptocurrencies are also being careful. They are doing strong checks on people to make sure they are not doing anything bad. KuCoin, another exchange like Bitget, said they will start doing a new check on August 31.
This is to stop bad activities like money laundering and helping terrorists. If people registered before August 31 but didn’t finish the check, they can’t put money in anymore. KuCoin made it a rule for everyone to do a check in July.
They said people who don’t follow the rules won’t get all the services. KuCoin also had a problem with the law in New York. They were sued because they didn’t register the right way.
Bybit, another exchange to trade cryptocurrencies, started doing a special check in May. People who didn’t finish the check can’t do normal trading. These exchanges are trying hard to make sure trading is safe and to stop bad things from happening with cryptocurrencies.
Summary
Bitget requires users to complete a special check, called “know your customer” (KYC), before October to ensure safety. New users must finish KYC by September 1, while existing users have until October 1.
Users who don’t finish the Bitget KYC Verification can still do some activities until October 1, after which trading is restricted. KYC involves showing government ID and a face photo. Bitget aims for global growth, having received $100 million for ideas in Asia and offering cryptocurrency loans.
Other exchanges like KuCoin and Bybit also enforce checks to prevent bad actions and make trading safer.
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