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Crypto Derivatives Exchange BitMEX Says All Users Are Now Verified

After getting in hot water with U.S. regulators last year, the exchange has rolled out mandatory verification for all users.

Updated May 9, 2023, 3:14 a.m. Published Jan 7, 2021, 3:28 p.m.

BitMEX, the cryptocurrency derivatives exchange that found itself in hot water with U.S. regulators last year, announced Thursday that its customer verification program has now been fully implemented across active users.

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Since Dec. 4, BitMEX users have been required to become verified in order to deposit, trade or withdraw funds.
The Seychelles-based company said the program's completion makes it one of the largest crypto derivatives exchanges in the world with a fully verified active user base.
The know-your-customer compliance effort comes after regulatory scrutiny in the last two years.
In 2019, the U.S. Commodity Futures Trading Commission (CFTC) opened an investigation into BitMEX over whether the exchange had allowed U.S. traders to use its platform.
Then in October 2020, the CFTC and federal prosecutors charged BitMEX with facilitating unregistered trading and other violations.
Since then, the exchange has shaken up its executive team and brought on its first compliance chief.

Derivatives Exchanges KYC BitMEX Regulation

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.