Tuesday, June 18, 2024
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Bitget to suspend trading for non-verified users

The derivatives exchange said on Monday that new customers will need to complete level 1 KYC verification to access a variety of its services, which involves submitting government-issued identity documents and facial authentication. Existing customers have until October 1 to complete the basic KYC requirements; afterward, they will only be able to withdraw funds, cancel orders, or close positions.

Bitget’s decision to tighten its KYC requirements aligns with a broader trend in the cryptocurrency industry, where exchanges are increasingly required by global regulatory bodies to combat fraud, money laundering, and other illicit activities through stricter verification processes.

Bitget said it has already begun the process of exploring license applications to operate in the target markets. Gaining the necessary regulatory approval is a key priority for the company, as it seeks to establish a strong foothold in many regions and open regional offices.

Bitget has recently integrated Copper’s ClearLoop network into its services. This integration caters to institutional clients, enabling them to engage in off-exchange settlements and utilize Copper’s MPC (multi-party computation) wallet to securely store their digital assets.

Bitget also revealed plans to expand its operations into the Middle East and is expected to hire up to 60 new team members to support the growth plan. As part of this initiative, the company established a representative office in downtown Dubai, considering the emirate’s attractiveness as a prime hotbed of crypto activity.

Additionally, Bitget is exploring opportunities in Bahrain and the United Arab Emirates (UAE) while considering the establishment of a regional headquarters in the region. The exchange is actively recruiting for new roles after several candidates were already hired for middle- and back-office positions.

Bitget has been scaling its global reach, recently registering as a Virtual Asset Service Provider (VASP) in Poland and securing similar approval in Lithuania. The Singaporean centralized platform, which debuted in 2018, is a diverse crypto exchange that supports spot and futures trading, copy trading, farming and staking services.

Bitget also acts as Juventus official partner and official cryptocurrency exchange partner, and its first-ever sleeve partner. The cryptocurrency derivatives exchange reportedly has 1.6 million registered users in 48 countries and regions including UK, France, Italy, South Korea, Japan, and Russia.

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