April 1, 2023

BitMEX introduces mandatory verification for clients

The company explained the new rules by increasing the actual safety of users and the need compliance with international regulatory standards.

On August 28, the BitMEX crypto derivatives exchange will introduceforced verification of client accounts. Verification will be required within the next six months. Such rules are caused by the need to comply with international regulatory standards and create a safer trading environment for users, the company explained.

“User verification is necessary forcompliance with international regulatory standards and is an essential element to ensure trust in the cryptocurrency ecosystem. Actual security is significantly enhanced by identity verification and will allow BitMEX employees to reliably verify the real account owner in the event of a dispute, hack or ability limitation, ”the exchange said in a statement.

Private clients will need to upload a photoidentity documents and proof of address, selfies, as well as answer questions about the source of funds and experience in trading. For corporate accounts, the verification procedure will remain the same.