Bitget predicted tightening of KYC procedures
Date: 2023-09-12 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Managing director of cryptocurrency exchange Bitget Gracie Chen said that Know Your Client (KYC) procedures may become increasingly strict, The Block reports.
She believes that in the future, companies will introduce regular checks and require more biometric data for verification.
“It is possible that in the near future, undergoing regular KYC procedures will become a new standard in the market and users will have to confirm their identity several times a year,” says Gracie Chen.
Bitget's managing director said KYC procedures can help curb illegal activities such as money laundering, but will not prevent all financial crimes. In her opinion, crypto exchanges need cost-effective and scalable solutions for investigating fraud.
She also said artificial intelligence can provide efficiencies in areas such as customer due diligence and transaction monitoring.
Starting September 1, new Bitget clients are required to complete the first level KYC procedure in order to be able to fund their account and trade.
