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- Bitcoin trading platform, BitMEX, recently announced a mandatory KYC procedure.
- The process will last for six months, from late August to mid-February.
- The platform says that this will help with meeting global regulatory standards, and increase security.
The crypto industry is starting to see some progress in regards to regulations, or at the very least, it is trying to self-regulate in order to avoid potential problems. As always, the goal is to find a compromise between serving its users the way they want to be served, and satisfying the authorities that demand strict rules to ensure users’ security.
This is why the Bitcoin margin trading platform, BitMEX, recently announced that all of its users need to go through ID verification in the next six months.
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According to its recent announcement, BitMEX is starting a KYC process that will result in all users confirming their identity. The process will last for six months, which is how long users have to complete the procedure.
Details about the upcoming KYC procedure
The process will start in about two weeks, on August 28th, at 00:00 UTC. It will last until February 12th, 2021, and it will help BitMEX establish a more secure trading environment.
The KYC details will not be anything out of the ordinary, as far as it is known right now. Users will have to deliver a photo ID, their own photo, as well as an address proof. There will also be several questions to answer, each a multi-choice type of question. This will help declare the source of funds, trading experience, and more.
Overall, the process should be simple and short, but it will go a long way when it comes to further securing the platform. In addition, it will help BitMEX meet the global regulatory standards and increase its own legitimacy. Some have already speculated that this move might be the platform’s way of making amends for last year’s email leak, and possibly other controversies. With the ID verification complete, BitMEX will have a better understanding of its users, and it will be able to stop similar crimes from happening in the future.