Bitget Ensures User Safety and Protection through Compliance and Transparency
- Bitget demonstrates our commitment to local and international regulations by obtaining crypto licenses, implementing compulsory KYC, and expanding our team of compliance experts.
- Additionally, Bitget maintains transparency through quarterly reports, and the innovative Proof-of-Reserves (PoR) system that demonstrates a 200% reserve ratio.
Bitget is the leading crypto exchange that is dedicated to ensuring user safety and protection. Through strict compliance with regulations and a commitment to transparency, Bitget creates a secure and trustworthy environment for cryptocurrency enthusiasts.
Compliance as the Cornerstone
One aspect of Bitget's operational philosophy is a dedication to compliance. We recognize that regulatory compliance isn't just a checkbox; it's a continuous process that requires diligence and adaptability. Bitget diligently complies with relevant laws and regulations, ensuring that users can trade with confidence, knowing that their investments are in safe hands.
Licensing and Regulation
Bitget recently achieved a significant milestone by successfully registering as a Virtual Asset Service Provider (VASP) in Poland. This registration is a testament to Bitget's commitment to expanding our presence in the European Union (EU) region while complying with all applicable local and international legislation and regulatory standards. This achievement enables Bitget to legally operate within the Polish market, providing our users with a more secure and transparent trading experience.
Moreover, Bitget has completed our crypto registration in Lithuania, another emerging digital asset market in Europe known for our progressive crypto legislation. This registration allows Bitget to offer crypto-related services in compliance with regional laws and regulations, further enhancing our international reach.
Efforts such as successful registrations in Poland and Lithuania highlight Bitget's proactive approach and commitment to maintaining the highest standards of compliance and regulatory oversight, which is essential in building trust with our users and stakeholders. These licenses not only lend credibility to the platform but also provide users with legal recourse in case of disputes.
Mandatory KYC Procedures for Enhanced Security
To further protect users' assets and create a more secure trading environment, Bitget requires mandatory Know Your Customer (KYC) procedures. These procedures involve identity verification for KYC level 1 and address verification for KYC level 2, ensuring that users are who they claim to be, and helping prevent fraudulent as well as illicit activities. To optimize the KYC process without compromising compliance, Bitget utilizes eKYC technology, including facial recognition and auto cross-matching between provided identification and live self-portraits, making the identity verification process significantly more efficient for both Bitget and users.
Bitget boasts a dedicated team of experts focused on ensuring strict compliance standards and protocols. These professionals are well-versed in the ever-evolving landscape of cryptocurrency regulations and anti-money laundering (AML) and KYC procedures. Their responsibilities include identifying and assessing risks both external and internal, shaping Bitget's policies and practices to align with international standards and local requirements.
In the last 12 months, the talent pool of Bitget’s compliance team has grown by 50%. Considering the growing regulations around crypto, this expansion is essential in making sure that Bitget is always in full compliance with all relevant regulations to the best of our abilities.
Transparency and Reporting
Transparency is one of the core principles of crypto. Users want to know that they are trading on a platform that operates openly, ethically, and in compliance with regulatory standards. Therefore, Bitget has taken significant steps to ensure that we remain a trusted and transparent platform for our users.
Clear and Accessible Transparency Reports
Bitget goes above and beyond to demonstrate transparency by publishing quarterly transparency reports. These reports are available for the public on our site and provide users with valuable insights into the exchange's operations, including our reserves, asset holdings, and compliance efforts. Such reports help build trust by allowing users to verify the exchange's financial stability and commitment to transparency.
Also, Bitget's quest to exceed industry standards in transparency and security led to the creation of the Bitget Proof-of-Reserves (PoR) system. This innovative system utilizes Merkle Trees to aggregate on-chain data, providing users with unequivocal proof that their assets held by Bitget are maintained on a one-to-one basis.
In a landscape often plagued by opacity and uncertainty, Bitget PoR serves as a groundbreaking solution that ensures every user's trust is well-founded. By providing cryptographic proof of reserves, Bitget sets a new industry benchmark for accountability and user protection.
Bitget's dedication to transparency doesn't end with the introduction of the PoR system; it extends to tangible proof of the exchange's commitment. A key indicator of trust and solvency in the cryptocurrency industry is the reserve ratio.
Bitget's reserve ratio remains consistently remarkable, consistently exceeding 200% in every monthly snapshot since the PoR system's launch. This unwavering commitment to maintaining substantial reserves provides users with peace of mind, knowing that their assets are well-protected. For Bitcoin, Bitget's reserve ratio never dips below 450%. Similarly, Ethereum's reserve ratio remains strong, consistently staying above 150%.
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
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