Key Takeaways
- Starting September 1, 2023, all new Bitget users must complete level 1 KYC verification to access trading and deposit services.
- Existing users have until October 1, 2023, to comply; post that, unverified users will face trading restrictions.
- Bitget’s policy shift is in response to evolving global compliance trends, aiming for a standardized, user-friendly KYC process.
In order to protect the rights and interests of users, Bitget has introduced new regulatory requirements. As of September 1, 2023, all newly signed-up users will need to complete level 1 KYC verification. This is to be done if users want to continue accessing services on Bitget, including but not limited to depositing and trading digital assets.
What does this mean for Previous Users?
If a user has signed-up before September 1, they have time until October 1, 2023, 12:00 AM (UTC+8) to complete level 1 KYC verification. Between September 1 and October 1, 2023, users will be able to deposit, withdraw and conduct business as usual even if they have not completed KYC Level 1.
However, it is important to remember that starting from October 1, any user who will not have completed level 1 KYC verification will get limited to withdrawing, canceling orders, redeeming subscriptions, and closing positions. They will be restricted from creating any new trading orders.
Why the sudden change?
As many of you might be wondering, why the sudden change in policies? Well, the answer is that compliance has become a prevailing trend. In order to keep pace with the ever-evolving regulations, Bitget aims to take significant strides toward establishing a robust KYC structure. Following the introduction of the procedure, the team is focused on standardizing the KYC process and making it user-friendly.
Implications for Non-Verified Users
Non-KYC users will be restricted from conducting transactions and operations on the exchange. The only feature they will be able to use is the withdrawal one. As a result, the team at Bitget suggests that all users comply with the new regulations.
If, for any reason, users are unable to complete the KYC verification before the deadline, they will be able to restore the full services afterward. Once their verification is completed, all services will be restored.
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