That’s it, folks. BitMEX, a popular cryptocurrency derivatives exchange, will verify the identity of its users. Every single one of them. That’s the end of what has been the oldest cryptocurrency derivatives exchange as we’ve known them.
So far, PrimeBit has been competing with BitMEX with two killer advantages:
- We have no controversial Insurance Fund, just a simple Auto-Deleveraging system.
- We offer our traders an option for higher maximum leverage – 200x across the board on all currencies.
Now the choice for people who want to trade easy-to-understand cryptocurrency contracts is even more apparent. PrimeBit stays as the only major cryptocurrency contracts platform that is still faithful to the values of the blockchain community, where the right to remain anonymous is the key.
BitMEX will start the user verification program on August 28, and all users willing to continue trading on the platform with real money will have to deliver their IDs until February 12, 2021.
BitMEX’s Commercial Director Ben Radclyffe explains the move is to understand their users better, their diversity, and help the developers build “tailored” products that would suit them better.
However, some users point out that the truth is different. BitMEX users will have to disclose their identity and country of residence. Otherwise, they won’t be able to use their trading accounts as the platform decides to follow corporate regulations that are no different from institutionalized Know Your Customer (KYC) procedures.
If you are looking for a cryptocurrency contracts trading platform that’s still loyal to the cryptocurrency community ideals, give PrimeBit a try. Register a fully functional DEMO account with just your e-mail address, test our outstanding PrimeBit WebTrader app, and trade bitcoin, ethereum, or litecoin contracts with other members of our growing community.