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Published Aug 21, 2023 18:52 Updated Aug 21, 2023 20:10© Reuters. Bitget Cracks Down On Fraud And Money Laundering With New KYC RequirementsBNB/USD -1.71% Add to/Remove from a Portfolio COIN -0.43% Add to/Remove from a PortfolioBenzinga - by Murtuza Merchant, Benzinga Staff Writer. Bitget will soon require new users to undergo level 1 KYC (Know Your Customer) verification. "Crypto exchanges have been criticized for a perceived lack of stringent KYC checks, with regulators saying that these lead to fraud, money laundering, and terrorist financing." In comparison, Kucoin reported 27 million users by the close of 2022.