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.