Is It End For BitMEX? Exchange Makes Full Verification Mandatory for Traders

Weeks after cryptocurrency exchange BitMEX’s co-founder’s were charged for evading anti-money laundering rules, the exchange today made full verification mandatory for its users. BitMEX released an official tweet stating its users to complete their full verification by Nov. 5, 2020 to continue trading on the platform.

We are accelerating the rollout of our User Verification Program. Users must now be fully verified by 5 November 2020 at 00:00 UTC to continue trading on the BitMEX platform. Further information is available on our blog: https://t.co/C0W2201KH7

— BitMEX (@BitMEX) October 21, 2020

BitMEX Makes Full Verification Mandatory For Trading

BitMEX is touted as one among the best crypto exchange used for leverage trading. Recently the exchange went through change in leadership to continue smooth operations. This latest update to complete full verification gives an indication of regularity pressure by the authorities. Earlier today in an official blog, the exchange urged its users to complete their full verifications by Nov. 5th, 2020 failing to which unverified users won’t be allowed to open new positions on the platform.

Considering the latest events w.r.t. BitMEX the future does not look very bright for the exchange as it already went through heavy withdrawals. These latest developments clearly suggest high regularity pressure by authorities and they will sure target other exchanges as well in coming days.