BitMEX Users Have 6 Months For Identity Verification. BitMex announced that its users must complete their identity verification within 6 months starting August 28.

BitMEX, a derivative exchange among the crypto money exchanges, will now recognize its customers. BitMEX announced on its official site that they will launch the Know Your Customer (KYC) program. BitMEX said that its users must verify their identity by February 12, 2021, with the KYC program, which will be released on August 28, in order to continue trading on the platform.

According to the announcement made on the BitMEX Blog, it is launching the customer recognition program to prepare a safer trading environment for its users . BitMEX, which allows 6 months for all customers to participate in the program they will start on August 28, 2020, said that there will be a competition with a great prize among users who are included in the program and complete the verification process. He added that they will share the details of the competition in the upcoming days.

Why KYC?

Stating that the most important building block of the crypto money ecosystem is trust, BitMEX ; He stated that they tend to recognize customers in order to comply with the developing international regulatory standards, to ensure the security of the customer within the stock market, and to avoid victimizing the user against unexpected and unwanted situations that may occur in the stock market.

What Will Users Do for KYC?

In the customer recognition system, individual users will go through a four-step security process. From individual users; credentials, proof of address, own photos will be requested In addition to these, multiple choice questions will be directed to the users’ capital resources and their trading experience. According to BitMEX’s statement, it will take users almost five minutes to fill out KYC .

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What Does Social Media Say?

BitMEX CEO Arthur Hayes got social media moving with a tweet he posted by taking the link to BitMEX’s statement. Looking at the replies to the commenter, BitMEX users do not look very favorable to this innovation. In the interactions, after this mandatory KYC, the image that BitMEX will lose users is drawn.

https://twitter.com/_Zioni7/status/1294077640614326275

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