Bitget rolls out mandatory KYC to enhance platform security

• Bitget says mandatory KYC will align the exchange with global financial regulations and underscore its tier1 status.
• KYC verification is one of the measures aimed at enhancing protection for users, including against theft and fraud, Bitget said.
• Verified accounts will enjoy higher withdrawal limits, exclusive access to Bitget events among others.

Bitget has introduced mandatory Know Your Customer (KYC) requirements for all users, the crypto exchange said in an announcement on Thursday.

The exchange’s new KYC requirements will be effective from December 15, 2023.

Mandatory KYC for all Bitget users

Bitget’s rollout of mandatory verification comes roughly three months after the initial announcement in August. While compulsory user verification is aimed at bolstering platform security, Bitget says it’s also part of the regulatory compliance process.

According to the exchange, this is a path towards enhancing its status as a tier1 platform.

“As a leading player in the cryptocurrency exchange landscape, Bitget is committed to not only offering state-of-the-art services but also ensuring a secure and compliant trading environment for our global community. The introduction of mandatory KYC requirements for all users is a decisive step towards enhancing user security and aligning with global financial regulations,” said Jamie Elkaleh, the Country Manager of Bitget.

The process is also part of anti-money laundering compliance, and adds to other measures aimed at the overall user protection, including against theft and fraud. Bitget’s Proof of Reserves, Protection Fund and cold storage are all geared towards this effort.

Bitget to reward users

Users can complete the KYC checks in two tiers, with Level 1 allowing access to all services and products, including derivatives, copy trading and up to $3 million in daily withdrawal limits.

Although Bitget has phased this implementation to ensure minimal disruption to users as they upgrade their accounts, it is incentivising cooperation via a rewards program.

For instance, the first 5,000 users to upgrade before December 15, will get up to 100 USDT in trading bonuses.

Meanwhile, VIP accounts that complete verification ahead of the deadline will receive a bonus of 200-500 USDT. The exchange has also teased an iPhone 15 Pro prize and 100 USDT for users who take time to complete a short KYC questionnaire.

Bitget launched in 2018 and has grown into one of the top crypto exchange and Web3 companies, with over 20 million users across the globe. 

The company has acquired multiple regulatory approvals. It’s also eyeing licenses in the Middle East and North African (MENA) as part of its global expansion.