BitMex Ramps Up Mandatory ID Verification and KYC Procedures
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BitMex Ramps Up Mandatory ID Verification and KYC Procedures

October 21, 2020      Jafrin Ahmed

BitMEX is accelerating for compulsory user ID verification and KYC procedures by November 5, 2020. The cryptocurrency exchange recently came to undercharge by the U.S. government for facilitating unregistered trading.

Verification Needed to Continue Trading on BitMEX

All users of BitMEX need to get fully verified by Nov. 5, 2020, to continue trading on the platform. Users who don’t comply with the registration procedure by the said date will not be able to withdraw funds from their BitMEX account by Dec. 4, 2020. The cryptocurrency exchange had speed up its verification program by three months earlier than its original February deadline.

BitMEX introduced its User Verification Programme (UVP) two months back. Procedures for completing the UVP includes uploading a photo ID, address proof, and answering certain questions on trading experiences and source of their funds. The cryptocurrency exchange says that UVP hardly takes five minutes to complete. Some of its users have already completed the verification process.

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BitMEX users need to get fully verified by the deadline. After December 4, should any unverified accounts with open positions remain, cryptocurrency exchange will communicate directly with the account holders to facilitate the closure of these positions.

Identification Necessary in Events of Disputes

In a statement, BitMEX said:

“Recent events have underscored the requirement for market operators to implement robust and compliant KYC programmes. This has been a period of accelerated change for 100x Group and the BitMEX platform, and we are encouraged by and thank our clients and the wider industry for the support we have received in the last few weeks.”

In recent months, cryptocurrency exchanges came under fire by global regulators in an effort to facilitate registered trading and comply with the global recommendations from the Financial Action Task Force (FATF) and Anti Money Laundering (AML) regulations. BitMEX’s user verification programme will assist support especially for user ID verification and KYC in the events of disputes.

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#Bitmex #Cryptocurrency Exchanges #ID Verification #KYC #Regulations
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.