On Dec. 4, the end of its accelerated user verification program was announced by BitMEX. The exchange allowed users, following regulatory concerns, to upgrade their KYC verification.
The BitMEX exchange of crypto derivatives today declared the end of its accelerated user verification program. After the site’s regulatory problems, the crypto exchange required users to upgrade their KYC (Know-Your-Customer) verification. For unverified accounts, places will immediately be closed, and users will no longer reach them. The BitMEX team reported that the number of unverified accounts was relatively small, as most users submitted the necessary KYC information.
New BitMEX accounts have had to register with full ID verification since Sept. 15 this year. Initially, the deadline for completing the KYC process was set for Feb. 12, 2021, but BitMEX was forced to change the timetable. The KYC enforcement decision resulted from a series of compliance cases brought against the trading of crypto derivatives. BitMEX has reminded users of the deadline, which has usually drawn flak from its customers.
In order to improve its AML and KYC compliance, the crypto exchange has also teamed up with Eventus Systems. In tracking transactions on the site, the collaboration sees Eventus helping the exchange.
BitMEX, the crypto derivatives exchange giant, is now facing lawsuit after lawsuit. In addition to being charged with criminal charges, founders Arthur Hayes, Ben Delo, and Samuel Reed are being sued in California for operating a RICO (Racketeer Influenced and Corrupt Organizations Act) a business engaged in wire fraud, money laundering, the interstate has stolen property transportation, exploitation of the digital asset market, and racketeering.
In the case, other staff connected to BitMEX and the suspected RICO scheme are also named as defendants. Păun Gabriel-Razvan, a cryptocurrency trader and owner of a crypto news aggregator, has brought the latest lawsuit as previously reported.