Bidget Exec Says KYC Is Needed
Bitget, a leading crypto exchange, prioritizes KYC protocols and has achieved remarkable growth, expanding tenfold in two years.
Bitget, a prominent crypto exchange, has recently underscored this sentiment by emphasizing the significance of Know Your Customer (KYC) protocols.
Bitget has showcased remarkable growth, even in the face of a bear market. In 2023 alone, the exchange unveiled two $100-million funds, one targeting crypto projects in Asia and another aimed at amplifying the company's long-term impact in the crypto domain. Gracy Chen, Bitget's managing director, shed light on this growth at the Bitget EmpowerX Summit in Singapore.
She highlighted that the company has expanded tenfold in just two years, growing from 150 employees to a staggering 1,500. This growth, according to Chen, is attributed to their result-driven approach, branding efforts, product launches, and high-profile partnerships, including one with soccer legend Lionel Messi.
Bitget's absence in two pivotal markets, the United States and Hong Kong, has raised questions. Addressing this, Chen pointed to the regulatory uncertainties in the US as a primary reason for their hesitance. She mentioned that Bitget prefers to observe the evolving regulatory environment before making a decision about entering the US market. As for Hong Kong, Bitget is actively engaging with the local government and is in the process of obtaining a license to operate in the region.
One of the most discussed topics was Bitget's decision to implement mandatory KYC requirements for all its users as of September 1. While some users expressed concerns over this new mandate, Chen firmly believes in the benefits of KYC. She emphasized that KYC is an effective tool to filter out users involved in illicit activities, such as money laundering. Chen stated:
"I’m pretty sure if the user is a financially healthy user, such as, like, if they’re not doing something illegitimate, such as money laundering, they should be pretty comfortable with the KYC process."
She also projected that mandatory KYC would soon become a standard practice among major crypto exchanges.