BitMex to make Mandatory ID Verification for all the Cryptocurrency Traders

August 14, 2020

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BitMEX is one of the most controversial and oldest crypto derivative exchanges announced mandatory ID verification for all its users. According to BitMEX’s homepage, the registration process takes less than 30seconds where users outside of restricted jurisdictions are asked to enter only an email address, password, and country of residence. 

According to Ben Radclyffe, commercial director for the BitMEX parent company, 100x, the earlier process will end on August 28, when identity verification will be made mandatory for all the users, a process that will include funds, trading experience, proofs of location, and more. Though, the policy change comes with a 6-month grace period that ends in February’21 to assist unverified users completing the verification process. 

Simple enlistment, high influence, and bitcoin-just record adjusts helped BitMEX bootstrap liquidity from all bearings and offer ascent to its notoriety for being the goal exchanging stage for unconventional cryptographic money merchants. The trade’s essential inspirations for this change are to expel hindrances to section for a portion of its objective clients, improve the security of the stage, and advance beyond developing a guideline in the cryptocurrency industry, Radclyffe said. 

BitMEX’s corporate strategy has included a mandatory identity verification for all its users, but running the verification process at a wide scale for all the users took a lot of time, Radclyffe said. According to Radclyffe, a good number of BitMEX users have already done their ID verification voluntarily. Corporate verification is a more involved process, while individual verification does not take more than 5 minutes to complete. The mandatory identity verification on BitMEX will increase its volume and liquidity. 

BitMEX, known for advocating the never-ending trade prospects contract among digital money merchants, is as of now the second biggest cryptographic money subsidiaries trade by open enthusiasm, with only under $1 billion in open bitcoin fates contracts, as indicated by Skew.

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