Well-known crypto options trading platform Deribit, the world's largest by trading volume, has just announced all its users must complete a KYC process before the end of the year, The Block reports.
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According to the exchange's CEO, John Jansen, Deribit users must provide a proof of identity such as a passport, as well as a proof of residence. In particular, he said:
"New clients will soon be required to adhere to these market standard preconditions, and current clients will get ample time."
The platform currently has two different levels of customer verification. Level 0, which allows users to withdraw up to 1 BTC and 50 ethers, requires them to provide basic information such as their name, e-mail, date of birth, address and country of residence.
However, users interested in accessing the level 1, which removes all limits on withdrawals, must provide a passport or government ID. This means the implementation of this new measure by Deribit requires all users, even those at level 0, to meet the same requirements only level 1 users had to meet until now.