BitMEX introduces mandatory verification for clients

  • 14 Aug, 2020
    | SforNews

The exchange will be launching User Verification Programme at 00:00 UTC on 28 August 2020, where all customers will be asked to complete ID checks within the next 6 months.

These new controls will enable BitMEX to create a more trusted and secure trading environment for all users.

“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”, – declared in a statement from the exchange.

User verification will also allow BitMEX to better understand its diverse user base, which will enable the platform to develop customized products for customers.

According to Ben Radcliffe, CEO of BitMEX, exchange’s user verification program should take five minutes to complete. Users will go through a four-step process similar to identification done by other cryptocurrency exchanges. Customers will be required to upload a photo ID and proof of address.

In addition, a series of multiple choice questions will be asked regarding funds and trading experience.

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