Crypto Options Exchange, Deribit, Mandates ID Verification for All Users Before the Years End

The largest cryptocurrency option exchange in trading volumes, Deribit, will start mandatory government ID verification to maintain KYC/AML compliance rules.

Panama-based cryptocurrency options exchange, Deribit, requires all users on the platform to be ID verified by the end of the year. As per the official Deribit Twitter, it was confirmed that the tier verification model on the platform would be abolished for a blanket ID verification process for all users on the platform.

This follows a recent announcement by rival and troubled exchange, BitMEX, who will start ID verification on their platform. Both derivative exchanges will require new users and current ones to submit a copy of government ID verification, including passports, driver’s licenses, or legitimate and valid identification documents.

As the world of cryptocurrencies embraces the FATF “Travel Rule,” more entities are expected to join the bandwagon – tougher KYC/AML compliance being implemented. The official Twitter account said,

“New clients will be required to adhere to these market standard conditions in order to be able to open an account.”

“Existing clients will get one month from that date to become verified and upload both required documents (if not already). A formal announcement will follow soon including final timing.”

The new changes replace the old tiered system that allowed users to deposit and withdraw up to 1 BTC (~$13,000) from Deribit exchange without any KYC verification or ID requirements. All users on the derivatives exchange will be forced to verify their ID before trading or withdrawing any amount.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today