Derivatives platform BITMEX has asked users to update their KYC information by November 5, pulling forward the deadline by 3 months as it faces a KYC/AML related case by the US Commodity Futures Trading Commission (CFTC).
- Originally having the deadline of February 2021, BitMEX has now asked users to update their KYC/AML by November 5 in order to increase or open new positions
- All accounts must be verified by December 5 in order to process withdrawals
- BitMEX first announced its plans to mandate user identity verification in August 2020
- The change follows two separate cases the exchange and its management team are facing, one by the CFTC and the other by the New York Attorney’s Office
- Stronger regulation appears to be a keen focus by authorities, as multiple cases have been filed in 2020; Ripple Executive Chairman Chris Larson said in October 2020 that the environment may force Ripple to relocate out of the United States