Bitmex will be launching a user verification program on the 28th of August.
All customers will be required to complete ID checks within the next 6 months.
Bitmex has given a February 12th, 2021 deadline for users of the platform to verify their accounts.
The new KYC requirements are geared towards making the platform more secure and trustworthy.
The popular crypto derivatives platform of Bitmex has announced that it will be launching a user verification program on the 28th of August. Once launched, crypto traders on Bitmex will be required to complete ID checks within the next 6 months. The exchange has given users up to February 12th, 2021 to complete the user verification process.
KYC Will Simplify the Resolution of Issues
The new measures are aimed at making Bitmex more secure and trustworthy for all Bitmex Users. The verification of ID will allow Bitmex to identify the actual owner of an account and simplify the process of resolving any issues as explained below.
…user identity verification is increasingly expected in order to meet evolving international regulatory standards, and is an important part of building trust in the cryptocurrency ecosystem.
Practical customer security is greatly enhanced by identity verification, allowing BitMEX support personnel to reliably verify the actual owner of an account in the event of a dispute, hack, or incapacitation.
Four-Step KYC Process on Bitmex
The team at the exchange has also provided the following steps necessary for users to verify their identification.
The User Verification Programme will require individual users to go through a four-step process similar to ID checks on many other cryptocurrency exchanges.
Individual users will be prompted to upload a photo ID and proof of address, take a selfie, as well as answer a few multiple-choice questions about source of funds and trading experience.
It should take about five minutes to complete from start to finish.
Trading Tournament to Kick off the KYC Process on Bitmex
Additionally, the team at Bitmex has announced that there will be a trading tournament to kick-off the KYC drive on the platform. Participants of the trading tournament will have to complete the KYC process to be eligible for sizable prizes.