Existing customers have until Oct. 1 to complete the process, after which time they will only be able to withdraw, cancel orders or close trading positions.
New customers will have to complete level 1 know-your-customer verification starting Sept. 1.
Regulators often criticized crypto exchanges for a perceived laxity in KYC checks, saying they lead to fraud, money laundering and terrorist financing. Singapore-based cryptocurrency exchange Bitget is to tighten its know-your-customer requirements for users wishing to deposit or trade on its platform from the start of next month.
From Sept. 1, new customers will have to complete level 1 KYC verification, which involves submitting an identity document like a passport and completing facial authentication. Existing customers have until Oct. 1 to complete the process, after which time they will only be able to withdraw, cancel orders or close positions,
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