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BitMEX Announces KYC named as “User Verification Programme” for Users

Cryptocurrency derivatives exchange BitMEX announces KYC for users, and users will have to identify themselves with the exchange by February 12, 2021.

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Programme will Go Live on 28 August

In its latest blog post, BitMEX announces the launch of the User Verification Programme that will go live on 28 August 2020. BitMEX states:

“We will be launching our User Verification Programme at 00:00 UTC on 28 August 2020, where all customers will be asked to complete ID checks within the next 6 months. These new controls will enable us to create a more trusted and secure trading environment for all BitMEX users.”

Since the launch of the first-ever cryptocurrency, the government bodies put a lot of pressure to regulate cryptocurrency businesses to avoid illegal activities. Various exchanges have made it necessary for users to comply with KYC and AML policies.

Four-Step Process

According to the Bitcoin Futures platform, it will take users five minutes to go through the User Verification Programme. “The User Verification Programme will require individual users to go through a four step process similar to ID checks on many other cryptocurrency exchanges. Individual users will be prompted to upload a photo ID and proof of address, take a selfie, as well as answer a few multiple choice questions about source of funds and trading experience. It should take about five minutes to complete from start to finish,” BitMEX added.

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The exchange also says that they are launching a Trading Tournament soon in which only verified users can participate and win prizes.

“Crypto exchanges putting in place institutional grade KYC and AML is essential for the further development of the crypto industry as it ensures to keep bad actors away and allows institutional players to be increasingly comfortable with the asset class,” Henri Arslanian from accounting company PwC said while talking to a cryptocyrrency news outlet.”

So, BitMEX is the latest cryptocurrency exchange to activate KYC for users but they have given time of six months to users.

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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