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Asian Exchanges Strengthen KYC Protocols Ahead of Regulatory Changes

KYCAsian Exchanges Strengthen KYC Protocols Ahead of Regulatory Changes

Prominent exchanges in Asia, including Bitget, KuCoin, and OKX, are updating their terms of service and tightening know-your-customer (KYC) procedures in preparation for upcoming regulatory shifts across the region. Singapore-based Bitget is enhancing its KYC measures to align with the Monetary Authority of Singapore’s (MAS) guidelines for banks. KuCoin and OKX are also bolstering their identity verification processes, requiring document uploads and facial checks for users.

The updates respond to increased regulatory scrutiny, such as MAS’ directive against lending and staking of Digital Payment Token (DPT) tokens. Bitget, KuCoin, and OKX are urging users to complete level 1 KYC verification by October 1. These actions reflect a broader trend of tightening regulations in various Asian jurisdictions, emphasizing compliance with anti-money laundering measures and improved transparency in crypto transactions.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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