BitMEX Will Verify All Users With ID Checks In The Next 6 Months

The major cryptocurrency exchanges BitMEX will verify the identity of all its users, as the CEO Arthur Hayes recently confirmed. The derivatives exchange CEO said that they need to ask for ID checks by all customers within the next six months, if they want to continue trading on the platform.

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

The game has changed, and so have we; keep a stiff upper lip. https://t.co/dCZEjXB3NO

— Arthur Hayes (@CryptoHayes) August 14, 2020

Right now, the User Verification Programme is a new thing in the Bitcoin news, scheduled to launch on “00:00 UTC on 28 August.” However, the users will have the time to complete this verification thing by 12 February 2021, while individual ones will be prompted to upload a photo ID and proof of address, take a selfie, and answer a few multiple choice questions about their source of funds and trading experience, as BitMEX said.

All of the new controls, as Hayes explained in the crypto news, will enable them “to create a more trusted and secure trading environment for all BitMEX users.”

“Today, 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.”

The exchange also added that identity verification will also help in the event of a dispute, hack, or incapacitaiton. While BitMEX will verify all identities with these ID checks, other exchanges are still dormant when it comes to this question.

Additionally, BitMEX also noted that they will also be “unveiling details of a significant Trading Tournament in the coming weeks where users who have completed verification will be eligible to compete for sizable prizes.” Multiple traders took it to Twitter to show their excitement about this tournament – even though no details are yet known.

All in all, we can see that as BitMEX will verify its users, the cryptocurrency exchange market may be changing soon. The entire landscape of the crypto industry is gearing towards stiffer regulation, only to help traders and promote a solid trading experience everywhere. With this put to practice, potential threats like hacks are less likely to occur in the near future.