Bitget KYC: Benefits & Reasons
Why Identity Verification or Know Your Customer (KYC)?
Identity Verification or Know Your Customer (KYC) standards have been required for all users of Bitget since September 1, 2023. While it may take users a few extra minutes to complete KYC, the assurance of a secure and trustworthy trading environment, coupled with the benefits of completing KYC verification on Bitget, even with the lowest level (Level 1), makes this small investment of time well worth the enhanced trading experience that awaits them.
KYC is required by almost all financial institutions for its customer acceptance/identification processes, transaction monitoring, and risk management. These four elements allow financial institutions and payment facilitators to gain a comprehensive understanding of the funds passing through their systems, in accordance with anti-money laundering (AML) and counter-terrorist financing (CFT) laws that govern the financial sector. Thus, KYC can be seen as a bridge between regulations and actual transactions. By adhering to KYC protocols, both payment facilitators and merchants demonstrate their commitment to the regulatory landscape, fostering a secure and compliant environment.
Level 1 mandates the submission of two crucial pieces of information: a government-issued ID and a face authentication process. The submission of a government-issued ID serves as the cornerstone of identity verification, ensuring that every user on the platform is a legitimate participant. This step not only prevents the creation of fake accounts but also creates a transparent ecosystem where each user's identity is documented and traceable.
Complementing the ID verification process is face authentication. Via advanced facial recognition technology, Bitget takes a real-time photo of the user's face and guarantees that the person behind the account matches the ID submitted. This adds an additional layer of security, making it exceedingly difficult for unauthorized individuals to gain access to user accounts.
Level 2 of Bitget's KYC system is offered to those seeking an even higher level of account security. Even though the limits for deposits, withdrawals, and trading are the same for both levels, Level 2 further requires the submission of proof of address. This document ensures that users have a legitimate, traceable residence, consolidating the user's authenticity and aiding in the prevention of fraudulent activities. The additional layer of verification not only benefits the user's assets and accounts but also contributes to the integrity of the cryptocurrency ecosystem as a whole.
Find out the benefits of completing KYC!
The verification process on Bitget is simple and straightforward. Refer to our guide on KYC for more information.
What benefits do you get by finishing KYC on Bitget?
To begin with, verified users can access all Bitget products and services, including derivatives trading, copy trading, P2P trading, dual investment, smart trend, etc. They also enjoy high withdrawal limits (up to $3 million a day ), and access to exclusive events on Bitget to earn unique rewards.
While it may take users a few more minutes to complete KYC, the assurance of a secure and trustworthy trading environment, coupled with the benefits of accessing a comprehensive range of features and events, makes this small investment of time well worth the enhanced trading experience that awaits them.
Bitget recognizes that while cryptocurrencies offer immense potential, safeguarding the interests of traders is of utmost importance. In case of a lost or compromised account, KYC can aid in the process of account recovery. Through verifying the user's identity with established KYC information, the platform reduces the risk of account takeovers and theft of funds, while ensuring that the rightful account owner can always regain access to their assets. This not only benefits the users but also contributes to the integrity of the cryptocurrency ecosystem as a whole.
Bitget's commitment to user security goes beyond this single feature. We release our Proof of Reserves report on a monthly basis and safeguard all our users' assets with our $300M protection fund . Another cornerstone of Bitget's security strategy is implementing cold storage technology - storing the majority of digital assets offline in secure multi-signature wallets.
With these intricate layers of security measures in place, whether you opt for KYC level 1 or 2, your assets are well protected.
Read more:
Your Quick Guide to KYC on Bitget
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
