BTSE mandates KYC verification due to lack of MiCA licence

Crypto exchange BTSE announces that all users must now complete mandatory Know Your Customer (KYC) verification. The measure likely stems from the fact that the exchange does not hold a MiCA licence, as regulation in Europe continues to tighten. Existing users will no longer be able to trade or deposit without having verified their identity. Use of the exchange is at your own risk.

BTSE sends mass KYC announcement

In an email to its users, BTSE has informed them that it is now imposing stricter KYC requirements, users report. The exchange states that this is necessary to better protect users and comply with global regulations. Users receive instructions on how to verify their identity via the platform. Those who fail to do so risk having their account restricted or closed.

BTSE points out that certain countries are completely excluded from its services. These include countries such as Cuba, Iran, North Korea, Syria and Russia, as well as Western regions including Canada, Taiwan and the United Kingdom. Malaysia is also on the banned list. However, European users are still allowed to undergo KYC, suggesting that BTSE is not yet fully leaving Europe.

Regulated alternatives grow

This message underscores why many traders choose regulated exchanges. Exchanges with a MiCA licence offer greater certainty for European users. Alternatives such as Bitvavo, OKX and Bybit EU hold the necessary licences.

BTSE indicates that it can modify its list of banned countries at any time without prior notice. This means that users do not know whether their country will suddenly be added to the list tomorrow. For traders looking for stability, a regulated exchange is therefore a safer choice. The BTSE case illustrates how quickly landscapes change in the crypto industry.