Another major crypto exchange has introduced mandatory verification

Crypto exchange Bitget has introduced mandatory verification for new users

The cryptocurrency exchange has taken measures to create a safe environment for cryptocurrency trading

Crypto exchange Bitget will introduce mandatory first-level verification for new users from September 1, 2023, according to the company's blog.

This decision was made in order to "comply with regulatory requirements in the global cryptocurrency sector and to form a safe environment for cryptocurrency trading," explained representatives of the site.

Users who registered before September 1 of this year, must pass the first-level verification until October 1, 2023. If they fail to do so, they will only be able to withdraw funds and cancel trading positions.

Bitget's measures to tighten verification are related to the fact that the exchange is looking to expand its global presence. In April this year, the company created a $100 million global venture fund to develop crypto projects in the Asian region.

In July, Bitget launched lending products aimed at users who are interested in alternative ways to finance with digital assets.

Bitget is a major crypto exchange. Daily trading volume on the platform as of Aug. 21 is $302.7 million, according to Coingecko.

"Cryptocurrency has become too visible". Why exchanges are introducing KYC

In August, crypto exchange KuCoin once again tightened KYC rules for new users. The measure was taken to strengthen compliance with laws and regulations, as well as to improve the security of user accounts and combat criminal activity.

On August 18, the OKX cryptocurrency exchange changed its KYC policy for all users, announcing that they must mandatorily undergo enhanced verification with document verification and facial recognition by September 21, otherwise, they will not be able to use any of the platform's products.