BitMEX shortens mandatory verification deadlines for all client categories

BitMEX, a cryptocurrency derivatives exchange, moved the final deadline for mandatory client verification, shortening it by almost three months. According to the exchange operator statement, users must complete verification by 00:00 UTC 5 November 2020.

After this, unverified users will not be able to open new positions, and from 00:00 UTC 4 December 2020 withdrawals will be unavailable.

In addition, traders who have not completed mandatory verification will not be able to increase existing positions, nor will they receive referral payments.

The previous final deadline for all client categories was February 2021.

The new verification programme BitMEX introduced in August. Users had six months to confirm their residential address and provide identity documents, take a selfie, and answer a series of questions about the origin of funds and trading experience.

The changes did not affect corporate clients. They now also must undergo mandatory verification.

Earlier in October the U.S. Commodity Futures Trading Commission filed a lawsuit against BitMEX and its owners, accusing them of operating an unregistered trading platform and violating CFTC rules on KYC/AML procedures.

Additionally, the U.S. Department of Justice charged the exchange’s leadership with violations of the U.S. Bank Secrecy Act.

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