Bitcoin exchange BitMEX has now introduced KYC for all its users across the globe. All the uses associated to the platform will thus be required to prove their real world identity from August 28 2020.
The launch of its User Verification Programme will promote a “more trusted and secure trading environment for all BitMEX users,” the firm claimed.
In over the past decade, there has been a certain pressure of Bitcoin exchanges to launch this process. After ShapeShift eventually conceded to regulators, and now BitMEX is falling in line too.
“We’ve tried to make it a combination of lightweight and easy,” said Ben Radclyffe, commercial director of 100x Group, the new holding company for the BitMEX platform. “Geographical location is quite key for us,” Radclyffe continued.
However, it might upset the users but could prove to be handy in the long time.
“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, fintech and crypto leader of Asia at accounting firm PwC, told Decrypt.
With the launch, users will have to go through a four step process. It will be similar to ID checks on other crypto exchanges. It will also require Users will be asked for a selfie, and will be required to answer some questions relating to source of funds and their trading experience