The cryptocurrency derivatives exchange BitMEX has announced a new verification programme. Users will need to confirm their residential address and provide identity documents.
On 28 August 2020 at 00:00 UTC, we will be launching our User Verification Programme. For details, please see our blog: https://t.co/9L2UNZk0t9
— BitMEX (@BitMEX) August 14, 2020
The new rules will take effect on 28 August, and users will have six months to complete the KYC procedures. The move is intended to increase transparency and regulatory compliance.
“Users will be asked to upload identity documents and proof of residence, take a selfie, and answer a number of questions about source of funds and trading experience. All of this should take about five minutes,” the statement said.
The new measures do not affect corporate clients, the company said. For them, the verification procedure will remain unchanged.
Earlier in July, the exchange’s parent company underwent restructuring, which led to the creation of a management firm, 100x Group, to run the exchange. At the time, the company said that its plans extend far beyond BitMEX.
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