The administration of the BitMEX cryptocurrency exchange decided to significantly reduce the time required to verify users. Said Ben Radcliffe, the commercial director of the parent company of the exchange 100x Group.
According to the shortened schedule for the implementation of the plan to improve the transparency of trading, each investor and its affiliates must pass verification on the platform by November 5 before increasing or opening new positions.
Until December 4, the trading platform will check all player accounts, and only after that processing of withdrawal transactions will be allowed. After December 4, the BitMEX administration will begin to contact the owners of unverified accounts. Such investors will be able to access the funds only after passing the verification.
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According to Radcliffe, up to 50% of accounts on the exchange have already been verified. It was planned to complete the trader identification plan by February 2021. However, after allegations of money laundering, the Bitmex administration decided to shorten the time frame.
We will remind, earlier US Department of Justice and the Commodity Futures Trading Commission (CFTC) accused the management of the BitMEX exchange of violating the legislation on combating money laundering.