BitMEX Users Now Have Less Than Two Weeks to Meet KYC Deadline

The Seychelles-registered major cryptocurrency exchange and derivatives trading platform BitMEX has given a reminder to its users saying that they are now left with two more weeks to complete their verification. The cryptocurrency exchange issued this notification for users on its official website two days ago on the 20th of November.

As two days have already passed since the reminder announcement from BitMEX, the users of the derivatives exchange now only have less than two weeks to meet the deadline of Know Your Customer (KYC). The user Know Your Customer verification deadline is December 4, 2020.

HDR Global Trading Limited-owned cryptocurrency exchange said that those users who have not yet undergone their verification on the platform are required to complete it within the specified date if they want to continue accessing the services of the exchange such as withdrawal of funds, the maintenance of open positions, and the trading of assets. BitMEX also claimed that almost all of the users have updated their KYC verification. BitMEX said:

“Users who have not yet verified have two more weeks to do so in order to continue trading, maintaining open positions, or withdrawing funds from the platform. Nearly all of our users by volume and open interest have now successfully completed verification, putting the accelerated User Verification Programme firmly on track.”

While on the other hand, those users who fail to meet the verification deadline won’t be able to access these services. Users can complete their verification within the duration of only five minutes. Moreover, the exchange stressed the point that those users who do not go for verification are required to close their positions before the deadline. Otherwise, their positions will be closed forcefully. As the exchange said:

“It is very important that users who choose not to verify close their positions before 4 December 2020 to avoid their positions being force-closed.”

BitMEX’s focus on the KYC verification has increased since the United States Securities and Exchange Commission filed a lawsuit against it over the violation of regulations. Three of its founders were charged with operating an illegal trading platform.