BitMEX Cryptocurrency Exchange Adds KYC Procedures to All Its Users
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Answer BitMEX Cryptocurrency Exchange Adds KYC Procedures to All Its Users
Among the obstacles that stood in the way of the widespread adoption and circulation of digital currencies was the possibility of money laundering and tax evasion by using them.
Therefore, cryptocurrency trading platforms have been entrusted with regulatory discipline and in accordance with the laws and regulations approved by government agencies to carry out their activities normally.
Recently, the popular Bitcoin futures trading platform BitMEX required all users to prove their real identity on the platform by August 28, 2020.
BitMEX says that the launch of its user verification program will promote a more reliable and secure trading environment for all BitMEX users.
During the ten-year period of cryptocurrency activity, there has been increasing pressure on crypto companies to adopt KYC and Anti-Money Laundering (AML) regulations, both of which are commonly used in traditional finance.
Read:A new partnership in the world of digital currencies to launch the “Visa Crypto” card
Even the liberal ShapeShift platform eventually ceded to regulators, and now it’s class-tracking BitMEX’s turn, too.
stated Ben Radcliffe, Commercial Director of 100x Group, the new holding company for BitMEX:
We have tried to make these actions a combination of light weight and easy.
The same speaker added:
Geographical location is an important key to us.
While this may annoy some BitMEX users, in the long run it may be fine.
There is also a practical user identification feature, which will allow BitMEX to reliably verify the actual owner of the account in the event of a dispute, hack or failure, BitMEX told in a post published today.
As part of the launch of the User Verification Program, BitMEX will reveal details of a new trading offer where prizes will be presented to those who have verified their identity, and as an encouragement to other users to complete the necessary actions.
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