BitMEX has shortened the timeline for mandatory ...

BitMEX has reduced the time required for user verification

  • BitMEX tightens time limits for verification

  • Users predict an imminent outflow of funds from the trading platform

  • Earlier, the exchange lost more than 50 thousand bitcoins due to CFTC charges

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The BitMEX crypto exchange has shortened the period of mandatory verification for all its users. Now you need to do this before November 5, 2020

BitMEX has shortened the timeline for mandatory ...

The BitMEX cryptocurrency exchange has changed the deadline for mandatory verification from February 2021 to November 2020. The platform announced this on its website. According to the announcement, all users of the crypto platform must go through the “Know Your Customer” (KYC) verification process by November 5 (03:00 Moscow time).

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As the reason for the reduction of the deadline, BitMEX cites a high-profile incident with the exchange in early October:

“Recent events have highlighted the demand for market operators to implement robust and consistent KYC programs.”.

For the first time, BitMEX announced forced verification at the end of August. The exchange then required all of its users to go through a four-step verification process, providing a copy of a photo ID, proof of address, selfies, and a source of income. Users suggested that such an acceleration will lead to an outflow of capital from the exchange, which has already lost more than 50 thousand bitcoins due to accusations from US regulators.

Prepare verification in summer

BitMEX has shortened the timeline for mandatory ...

However, the acceleration of the forced verification process may also be associated with the appointment of a new director of BitMEX for AML / KYC compliance, Malcolm Wright. Wright has long been known in the industry as a supporter of tight regulation of cryptocurrencies..

It is worth noting that the first signs of tightening BitMEX regulation appeared long before the October incident. Back in late March, BitMEX posted a vacancy for an anti-money laundering manager to develop a KYC scheme targeted at the exchange’s clients.

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Recall that in early October, the Commodity Futures Trading Commission (CFTC) accused the exchange management of violating several regulatory requirements at once, including the management of an unregistered trading platform and failure to ensure measures to combat money laundering. Shortly after the allegations, BitMEX executives announced their resignation.

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