The Game Changer – BitMEX will start Verifying All its Traders

Prominent crypto derivatives exchange BitMEX said it would ask all its customers to finish ID checks inside the next six months if they desire to proceed to trade.

BitMEX Co-founder and CEO, Arthur Hayes

“The game has changed, and so have we; keep a stiff upper lip,” tweeted Arthur Hayes, co-founder, and CEO of the company.

The User Verification Programme is registered to launch on “00:00 UTC on 28 August,” while users will have time to complete it by 12 February 2021. Individual users will be advised to upload a photo ID and proof of address, take a selfie, and answer a few multiple-choice questions about the origin of funds and trading experience, BitMEX said.

According to the company, these new controls will allow them “to create a more trusted and secure trading environment for all BitMEX users.”

“Today, user identity verification is increasingly expected to meet evolving international regulatory standards, and is an important part of building trust in the cryptocurrency ecosystem,” the exchange said, appending that identification verification would also help in the event of a dispute, hack, or incapacitation.

Additionally, BitMEX said that they “will also be unveiling details of a significant Trading Tournament in the coming weeks.

Users who have achieved verification will be eligible to compete for sizable prizes.

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