After Know Your Customer debacle, BitMEX reports 100% of users are verified

After Know Your Customer debacle, BitMEX reports 100% of users are verified


BitMEX has announced the completion of its user verification program, becoming one of the largest crypto trading platforms with a fully certified customer base.

As part of the process to verify its entire use base, BitMEX says open positions held by unverified accounts have been closed.

Back in Aug. 2020, the platform revealed plans to undertake a comprehensive user identity verification exercise. The move came amid increasing regulatory scrutiny over the platform’s notoriously lax Know Your Customer, or KYC, policies. 

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As previously reported by Cointelegraph, the United States Commodity Futures Trading Commission charged BitMEX for illegally operating a derivatives trading desk. The New York District Attorney also brought up criminal charges against some of the company’s principal actors including former CEO Arthur Hayes.

In response, BitMEX announced plans to revamp its Anti-Money Laundering and trade surveillance protocols in November 2020. According to Thursday’s announcement, user verification has been mandatory for deposit, trading and withdrawal functions since early December 2020.

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