- BitMEX exchange has made changes to fasten its mandatory customer verification.
- After December 4, unverified users won’t be able to withdraw from the platform.
Leading digital currency exchange and derivatives platform, BitMEX, is looking to speed up its recent move to verify all cryptocurrency traders on the platform. The exchange has reportedly accelerated its identity verification mandate. For a while now, BitMEX allowed KYC-free days for most traders, which perhaps, attracted the recent changes from the United States regulator and government.
BitMEX exchange shortens ID verification deadline to December
As reported, the BitMEX exchange asked all the cryptocurrency traders on the platform to verify their profile by submitting their identities by November 5. The accelerated ID verification mandate will see every trader and exchange’s affiliates’ identities verify their identities three months earlier than the initial deadline, which was stated to hold by February next year.
The traders will have to beat the verification deadline to open or raise their existing positions. According to the report, unverified account holders will be unable to process withdrawals from the BitMEX exchange starting from December 4. Ben Radclyffe, one of the officials at BitMEX’s parent company 100x Group, views the identity verification program as an industry trend.
Radclyffe admitted that the accelerated ID verification timeline goes in accordance with the trend, including the exchange’s internal plans worked “over a year with a considerable amount of resources dedicated to this.”
BitMEX US charges
As Cryptopolitan reported, the derivatives exchange rolled out the verification program in August, with the deadline slated for February 2021. However, the announcement probably drew US authorities’ attention, resulting in the recent charges from the CFTC and the Department of Justice, accusing the exchange of running unregistered trading. The charges came in less than two months after the BitMEX exchange mandated the ID verification.
Consequently, the news of the charges got the customers alarmed, resulting in a massive outflow of Bitcoins from the exchange.