Bitget Managing Director, Gracy Chen, predicts that Crypto Know-Your-Customer (KYC) measures will become more stringent and require users to undergo identity verification multiple times a year. Check out the latest reports about the matter below.
Crypto KYC could become vital, new reports reveal
In an interview with The Block, Chen stated that regular KYC procedures may become the new market standard in the near future.
The use of biometric data in KYC processes is also gaining popularity, which could complicate fraudulent activities.
Starting on September 1st for new users and October 1st for existing users, the crypto derivatives exchange and copy trading platform requires mandatory KYC procedures for users to deposit and trade.
According to Chen, these procedures are necessary for global operations and user security and stability. While some users were concerned about the change, there were no significant issues for the firm.
Chen stated that mandatory KYC is not a new concept and it’s a prevailing market trend.
The implementation of these requirements has minimal impact on the majority of users seeking a trustworthy and secure platform for their operations.
Increasing mandatory KYC in crypto
Bitget has recently implemented mandatory KYC procedures for users, following in the footsteps of crypto exchange competitors KuCoin and Bybit.
The company believes that these measures will ultimately help build trust with users by protecting them against fraud and money laundering.
By complying with AML and KYC regulations, Bitget aims to demonstrate a commitment to transparency that aligns with global regulatory standards and builds confidence with partners.
This move is part of Bitget’s broader plan to expand its global presence through a “go beyond derivatives strategy,” which includes “launching a $100 million Web3 Fund, investing in the BitKeep multi-chain wallet, rebranding it to the Bitget Wallet, and introducing a crypto loans product,” according to the online publication The Block.
