The cryptocurrency derivatives exchange Deribit has announced updates to its AML/KYC program and the introduction of mandatory user verification by the end of the year.
KYC — AML Program Update
Due to the various recent regulatory and legal developments globally, we have decided to increase our efforts to identify our clients.
Soon we’ll require all clients to become verified.
— Deribit (@DeribitExchange) October 21, 2020
The company said the move was prompted by “recent regulatory and legal developments worldwide”.
Deribit noted that the most active users on the platform have already undergone verification, as some services, such as block trades or unlimited withdrawals, are available only after identity confirmation.
By the end of the year the platform will require all clients to provide documents proving identity and proof of address. The latter will become a new requirement in the KYC procedure.
New users will not be able to open an account on the exchange without providing the required documents. Existing clients must upload them within a month.
Further information and final timelines will be provided by the platform in an official statement soon.
Deribit is implementing mandatory user verification following a similar move by BitMEX, launched a new KYC program in August.
Earlier, BitMEX, which has faced regulatory problems, announced a shortening of identity verification times.
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