On August 28, BitMEX will launch a user verification program, which requires all customers to complete an identity verification within the next six months.

But as a sweetener, they are offering a business competition that is only available to verified customers.

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Although BitMEX was founded in 2014 and has grown to become one of the largest derivatives exchanges in the world, the platform has not previously required user verification.

BitMEX Commercial Director Ben Radclyffe told Cointelegraph that all BitMEX customers must complete the new verification process by February 12, 2021:

„User verification has been on our to-do list. We have been preparing for this, as it has become necessary in order to run a scalable, responsible and compatible platform in the future. This is a building block for us to grow and do business in the future.“

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As many jurisdictions around the world are developing explicit regulations for cryptoindustry, Radclyffe noted that having a user verification process will help exchanges meet the new operational requirements. User verification will also enable BitMEX to better understand its diverse user base, allowing the platform to develop customized products for customers.

Details of the large-scale trading tournament for verified customers will be released in the coming weeks.

A five-minute process

According to Radclyffe, the BitMEX user verification program should only take customers five minutes.

Individuals will go through a four-step process similar to the identification checks performed by other cryptoexchanges. Customers will be required to upload a photo ID and proof of address. In addition, they will be asked a series of multiple choice questions related to funds and business experience. „Users who have gone through online financial services verification will be familiar with this process,“ Radclyffe said.

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Radclyffe said BitMEX corporate clients will resume with the same verification process already in place, although new features may be added to facilitate the process. This is especially relevant since BitMEX launched a new program for its corporate clients on June 22 to provide greater security and accounting features.