Gracy Chen, managing director at the Bitget exchange, suggests in an interview with The Block that crypto know-your-customer (KYC) measures are expected to become increasingly stringent in the near future.
She also suggests adding biometric data into the KYC processes.
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.
New tools to combat crypto crimes include artificial intelligence and machine learning.
Gracy Chen discusses the need to balance security and privacy with concerns over personal data leaks.
She assures Bitget customers that their personal data is stored with the same level of security as cryptocurrencies.
Bitget joins industry in mandating KYCBitget, a crypto derivatives exchange and trading platform, recently implemented mandatory KYK requirements for all its users.
It follows a trend across the crypto ecosystem as more exchanges begin to implement similar measures to combat money laundering and fraud.
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