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

Seychelles-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. 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. Bitget has 20 million users worldwide.

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