Bitget Managing Director Gracy Chen anticipates that Know-Your-Customer (KYC) procedures in the cryptocurrency realm will become more stringent in the near future, potentially requiring users to verify their identities multiple times a year. Chen stated in an interview with The Block that biometric data integration into KYC processes is gaining momentum, which may complicate activities for fraudulent individuals.
Enforcing Mandatory KYC Requirements Mandatory KYC requirements for the crypto derivatives exchange and copy trading platform Bitget came into effect on September 1 for new users and October 1 for existing users, enabling them to deposit and trade. Chen mentioned that this move didn’t significantly impact the majority of users seeking a secure platform.
Increasing KYC in the Crypto World Bitget’s move follows its crypto exchange competitors KuCoin and Bybit, who introduced mandatory KYC procedures earlier this year. Chen believes that over time, users will appreciate KYC’s role in building trust and protecting against fraud and money laundering.
KYC and Fighting Financial Crimes While KYC measures can curb illicit activities, Chen argues that they are not a comprehensive solution for preventing all financial crimes. Future solutions should leverage innovative technologies, including AI, to enhance risk detection and remediation.
Concerns About Personal Data Leakage Given past instances of personal data leaks from crypto companies, Chen emphasizes the need to balance security and privacy. Bitget employs strict protocols and advanced tools to ensure user data remains secure.