Popular crypto trading platform BitMEX has just announced it plans to implement a mandatory KYC (know-your-customer) process.
According to the official announcement shared by the exchange, it plans to implement this new verification process starting on August 28.
The platform, which specializes in crypto derivatives and leveraged trading, processes around $1B in crypto transactions per day, according to data provided by the analysis resource Skew.
According to BitMEX, "all customers will be asked to complete ID checks within the next 6 months."
Since that moment, all platform users will be required to provide a series of documents to confirm both their identity and residence.
Ben Radclyffe, BitMEX's commercial director, said the measure aims to make things "more transparent, accurate when discussing things with regulators and supporting those regulators."
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