Following a similar move by one of its rivals, popular cryptocurrency options exchange Deribit will require all of its users to be ID verified before the end of the year, according to a report by The Block

The largest crypto options exchange by trading volume will ask its users to submit government-issued photo identification, such as a passport or driver’s license, as well as a proof of residence, under its revamped know-your-customer (KYC) program. 

  • The move comes less than a day after rival exchange BitMEX announced it was accelerating its own planned mandatory ID verification requirement. Charged by the U.S. government with facilitating unregistered trading, BitMEX said all of its customers would need to verify their identities by Nov. 5, three months earlier than the original deadline. 
  • While Deribit currently uses a two-tiered KYC system that allows withdrawals up to one bitcoin (BTC) or 50 ether (ETH) without a photo ID or proof of residence, the change in policy will eliminate the tiers and make the requirements uniform across users.

Read more about...

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.