Bitget Exchange makes KYC mandatory

      Privacy is a concept associated with the existence of crypto, but Bitget has also made KYC mandatory, destroying the privacy of users.

All about KYC in Bitget

     Bitget has made the first level of KYC (document and facial identity) mandatory. The due date is October 1 for newbies and September 1 for existing users; after which, newbies will be required to complete KYC to access any service, and old users without KYC will only get limited services like withdrawal, cancellation, and subscription.

KYC will start Bitget's loss

     Along with KYC, Bitget will start losing users. Influential countries such as the US may ban Bitget from doing business within their authority if they provide services to sanctioned countries (e.g., Cuba, Iran, and Russia). Bitget will also lose users who bypass big platforms like Binance and Coinbase to avoid KYC for any reason.

Users Exploring Alternatives

     There are still some CEXs that have no mandatory KYC, but they are also under the suspicion of crypto users that KYC can be mandatory there too. DEX is considered a good option, but even there, the risk is high due to the problem of hacking, and the need for caution is very high. So now the search for alternatives has started.

Brought to you by Yugocean, originally posted here.