Bitget Cracks Down On Fraud And Money Laundering With New KYC Requirements

Bitget will soon require new users to undergo level 1 KYC (Know Your Customer) verification.

Starting Sep. 1, users will have to provide an identification document, such as a passport, and undergoing facial recognition.

Current users are given until Oct. 1 to fulfill this requirement.

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After this deadline, their activities on the platform will be limited to withdrawals, order cancellations, or position closures, as stated by Bitget 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."

In light of this, several exchanges, including major competitor Kucoin in June, have been enhancing their KYC protocols.

Bitget claims a global user base of 20 million and boasts a 24-hour trading volume nearing $310 billion, based on CoinGecko's data.

In comparison, Kucoin reported 27 million users by the close of 2022.

Meanwhile, industry giants Binance BNB/USD and Coinbase COIN each cater to an audience exceeding 100 million.

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