Bitget Cracks Down On Fraud And Money Laundering With New KYC Requirements
Portfolio Pulse from Murtuza Merchant
Crypto exchange Bitget is introducing level 1 KYC verification for new users from Sep. 1 and existing users have until Oct. 1 to comply. Post-deadline, non-compliant users will have limited activities on the platform. This move comes amid criticism of crypto exchanges for lax KYC checks leading to fraud and money laundering. Other exchanges like Kucoin have also enhanced their KYC protocols. Bitget has a global user base of 20 million and a 24-hour trading volume of $310 billion. Binance and Coinbase each have over 100 million users.
August 21, 2023 | 5:52 pm
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NEUTRAL IMPACT
Binance, which trades under the symbol BNBUSD, is mentioned as an industry giant with over 100 million users. The news of Bitget's enhanced KYC protocols may indirectly affect Binance as it indicates a trend towards stricter regulations in the crypto industry.
While Binance is not directly affected by Bitget's new KYC requirements, it is mentioned in the context of the broader trend towards stricter KYC protocols in the crypto industry. This could potentially impact Binance if it is also required to implement stricter KYC measures, which could affect its user base and trading volume.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Coinbase, listed as COIN, is mentioned as an industry giant with over 100 million users. The news of Bitget's enhanced KYC protocols may indirectly affect Coinbase as it indicates a trend towards stricter regulations in the crypto industry.
While Coinbase is not directly affected by Bitget's new KYC requirements, it is mentioned in the context of the broader trend towards stricter KYC protocols in the crypto industry. This could potentially impact Coinbase if it is also required to implement stricter KYC measures, which could affect its user base and trading volume.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50