What a time to be a part of the crypto world! It’s been from one happy moment to the other. Many cryptocurrencies are presently on a bullish run; more private business owners are beginning to invest in the industries. Exchange platforms partner with themselves for better service delivery to all users, and users are increasing their level of investment, knowing that they stand to benefit more.
That’s not all; the latest great thing happening in the crypto space is that BitMex has successfully and completely verified its users. It is a great achievement from the platform, meaning all of its customers can freely trade without interfering with the US regulators.
BitMex finally puts an end to SEC’s incessant scrutiny
BitMex has always been on the SEC’s list of digital exchange platforms scrutinized every month due to its inability to verify its users fully. In October last year, the platform was involved in a prolonged issue with the regulatory body because most of its information isn’t verified. The controversial moment reportedly inspired the company towards ensuring that all crypto investors using the platform get verified as soon as possible.
BitMex immediately made some alterations to its executive board before initiating a verification program on the 28th of August last year. It disclosed a straightforward four-step guideline on how users can verify their accounts.
Customers are expected to upload proof of address, upload proof of their identity; take pictures (selfies), and answer any security-related questions of their choice to be fully verified. The most impressive part of the exercise is that all these steps can be completed within five minutes. To force people to obey the new guidelines, only verified users were permitted to withdraw or deposit during the verification exercise, which lasted for four months.
BitMex becomes a pacesetter following the landmark achievement
While breaking the impressive news via its website, the platform expressed its delight over customers’ compliance during the verification exercise. Having confirmed the complete verification of all its users, the Seychelles-based exchange companies have undoubtedly become one of the industry’s biggest and most secure platforms.
The company revealed that transactions worth more than $100 billion were completed in less than a month, which further shows why BitMex should be rated among the industry’s best. Meanwhile, the Chief Compliance Officer of the 100x Group, Malcolm Wright, was happy with BitMex’s determination and dedication. In his words, this is a landmark achievement that should be lauded by the industry at large. With this latest feat, Wright believes the company is on the right track to becoming one of the best non-US-based digital exchange platforms in the industry.
He also confirms the 100x Group’s readiness to help BitMex gain new heights in the industry due to the long-term trading partnership between the two parties. At this point, we say a huge congratulation to the Seychelles-based company as they strive to make the industry a better and secure place for investors.