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.
Data shared over the platform's blockchain enables institutions to see shared data about new customers.
New exchange users will have to use machines to scan their ID card chips before they can open a crypto account, says an industry exec.
Users will have to undergo facial recognition and share identity documents make withdrawals.
Kim Byung-wook said he believes the crypto industry is unique and different from traditional finance.
Existing AML/KYC laws could reduce ransomware proliferation, but it would require an international effort.