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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.

Jan 7, 2021 at 3:28 p.m. UTC
Updated Sep 14, 2021 at 10:52 a.m. UTC

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.

  • 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.

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