Crypto KYC Regulations Expected to Get Stricter, Says Bitget Managing Director
Gracy Chen, Managing Director at crypto exchange Bitget, has indicated that crypto know-your-customer (KYC) measures are expected to become increasingly stringent in the near future.
Speaking in an interview with crypto news outlet The Block published on Monday, Chen suggested that crypto exchange users soon may be required to undergo ID verification procedures multiple times a year, with the possibility of incorporating biometric data into KYC processes.
“The incorporation of biometric data into KYC processes also appears to be gaining traction. While opinions on this matter may vary, it will notably complicate the activities of fraudulent individuals,” she told The Block about the issue.
Biometric data for ID verification purposes usually includes things like facial recognition, fingerprints, or iris scans.
Bitget, a crypto derivatives exchange and copy trading platform, recently implemented mandatory KYC requirements for all of its users.
This move aligns with a trend in the crypto industry, with other exchanges such as KuCoin and Bybit also introducing mandatory KYC procedures earlier this year.
In the interview, Chen emphasized the importance of KYC measures in building trust and protecting users against fraud and money laundering.
She stated that these measures demonstrate a commitment to transparency and compliance with anti-money laundering (AML) and KYC regulations, which regulators around the world see as crucial for the crypto industry to comply with.
Bitget could in the past be used with smaller amounts without having to undergo full KYC, but those days are now gone according to Chen.
“[…] we have now transitioned to a model where full KYC is mandatory for access to all exchange services,” Chen was quoted as saying.
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