The Bitget Cryptocurrency exchange is enhancing its customer identification prerequisites, as stated by the firm today.

Starting September 1, newly registered users must complete level-one identity verification to deposit funds and trade digital assets on Bitget. This step aligns with global cryptocurrency regulations and aims to ensure a secure trading environment, as stated by Bitget.

Individuals who became users prior to September 1, they must satisfy the level-one identity verification prerequisites before October 1. Otherwise, they will only have access to functions like withdrawals, canceling orders, and closing positions, as explained by the exchange.

The level-one identity verification on Bitget necessitates users to furnish an officially issued government identity document and undergo facial validation.

According to details on the registration webpage of the Bitget cryptocurrency exchange, this procedure is estimated to consume roughly 20 minutes. Enhanced ID Validation Bitget’s decision to heighten its identification verification procedures corresponds with the platform’s intent to broaden its global influence.

Recent Developments in Cryptocurrency Exchanges and Regulations

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Earlier in April, the exchange introduced a $100 million worldwide venture capital fund with a specific focus on the Asian market. During July, Bitget unveiled its cryptocurrency lending offerings, designed for users exploring alternative methods of financing through digital assets.

Likewise, in July, KuCoin, a cryptocurrency exchange, introduced mandatory customer identification procedures. Failure to comply would lead to limitations. This action followed legal steps by Letitia James, New York State’s Attorney General. The lawsuit accused KuCoin of operating as an unregistered commodities and securities broker.

Bybit, another cryptocurrency exchange, also made public its intention to adopt a more rigorous approach, declaring its requirement for customer identification for all its services starting from May.

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