One of the major cryptocurrency derivatives exchanges, BitMEX, has completed the month-long process of verifying its entire user base. The development comes shortly after the platform said it would provide its clients with faster transactions via a new integration system update.
In a recent post, BitMEX has announced it has finished its User Verification Program. The project’s implementation is an attempt to make the platform one of the most prominent cryptocurrency derivatives exchanges with a fully verified active user base.
The process had reportedly started on December 4, 2020, when BitMEX asked its customers to verify their identities before depositing, trading, or withdrawing any assets on the platform. A month later, the exchange reported 100% of the trading volume is now fully verified, and funds equal to $100 billion have been traded after the pre-announced verification deadline.
BitMEX considers its latest achievement as a step towards better services for both retail and institutional users, including safe processing of transactions, without the risk of loss of confidentiality.
“The completion of our User Verification Programme is a major milestone in the journey of BitMEX from a start-up to an established high-performance platform with top-tier liquidity and open interest.
It places us in an advantageous position to capitalize on the surge of users – both retail and institutional – who are seeking a platform on which to trade crypto derivatives confidently without sacrificing security, liquidity, or performance. It marks a bright start for BitMEX in 2021”, said Alexander Höptner, CEO of 100x Group.
After implementing the new practice, users who would like to deposit or make their first trade have to go through a designated “know-your-customer” process to provide the necessary data.
“…With all users on the BitMEX platform verified, we are demonstrating our commitment to being a compliance standout…,” said Malcolm Wright, Chief Compliance Officer of 100x Group
Less than a month ago, BitMEX released another initiative focused on better service for users who would like to deposit or withdraw their digital assets.
As CryptoPotato reported, the cryptocurrency derivatives exchange completed a significant upgrade on its custody system to improve transactions. The project enabled BitMEX to track users’ BTC deposits and withdrawals, using Bitcoin Core. Thus, all executed deposits would be registered within a minute of the block confirmation.
BitMEX also claimed that the upgrade would make the process of adopting new Bitcoin features a lot easier.
These initiatives come a few months after BitMEX suffered a blow following the CFTC controversy. In October 2020, the US Commodity and Futures Trading Commission charged five entities and three individuals who own the trading platform with illegally operating a crypto derivatives exchange and anti-money laundering violations.