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.
We are accelerating the rollout of our User Verification Program. Users must now be fully verified by 5 November 2020 at 00:00 UTC to continue trading on the BitMEX platform. Further information is available on our blog: https://t.co/C0W2201KH7
— BitMEX (@BitMEX) October 21, 2020
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.
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.