On Thursday, the crypto exchange Bitget, headquartered in Seychelles, announced its decision to implement comprehensive Know Your Customer (KYC) policies across its platform. These new KYC requirements are set to take effect on December 15, 2023.

Bitget Rolls Out Mandatory KYC Procedures

Bitget is updating its compliance with relevant financial regulations by introducing new KYC guidelines. The initial announcement of the KYC rollout occurred in August, outlining a multi-tiered system. The first level permits users to engage in Bitget’s derivatives and copy trading, as well as to withdraw up to $3 million daily.

In addition to the KYC implementation, Bitget is incentivizing the first 5,000 users who meet the KYC criteria before Dec. 15. These early adopters will receive 100 tether (USDT). For VIP users of Bitget, rewards range from 200 to 500 USDT for adhering to the KYC deadline. Additionally, participants who complete a KYC questionnaire will be entered into a draw for an iPhone 15 Pro and 100 USDT.

“As a leading player in the cryptocurrency exchange landscape, Bitget is committed to not only offering state-of-the-art services but also ensuring a secure and compliant trading environment for our global community,” Jamie Elkaleh, the country manager of Bitget said in a statement sent to Bitcoin.com News. “The introduction of mandatory KYC requirements for all users is a decisive step towards enhancing user security and aligning with global financial regulations.”

This development coincides with a period of intensified global regulatory scrutiny. In 2023, several crypto firms have faced enforcement actions due to non-compliance with KYC guidelines. Starting December 15, 2023, Bitget will require all users to submit their KYC details to access the platform’s crypto trading services. As of December 14, data indicates that Bitget ranks as the fourth-largest centralized crypto derivatives platform in terms of open interest.

What do you think about Bitget rolling out a KYC program? Share your thoughts and opinions about this subject in the comments section below.