Gracy Chen, Bitget's managing director, believes that mandatory KYC is going to become a trend among the bigger crypto exchanges in the near future.
At the Bitget EmpowerX Summit held in Singapore, Cointelegraph’s Zhiyuan Sun spoke with Gracy Chen, the managing director of Bitget. The two spoke about Bitget’s growth amid the bear market, pausing its expansion in Hong Kong and the United States and why they believe that implementing Know Your Customer protocols is important for exchanges.According to Chen, the company grew ten times its original number just in two years.
The Bitget executive also mentioned a lot of their efforts from branding and product launches to the company’s partnership with soccer superstar Lionel Messi as some of the reasons for its growth over the past years. “In terms of the secret sauce, I guess it's because of these things that we are doing, we are growing,” she added. At the same time, the growth makes them “financially healthy” to do more activities according to Chen.
When it comes to Hong Kong, Chen said that they’ve already been in talks with the Hong Kong government and are currently in the process of applying for a license in the special administrative region.for all of its users on Sept. 1. According to the executive, some of their users were complaining about the new requirement. However, the executive believes that implementing KYC is a good way to filter out “illegitimate” users.
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