BitMex demanded KYC documents. | Bitcointalksearch.org

figmentofmyass

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Quote from: The Sceptical Chymist on August 22, 2020, 04:11:51 PM

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Bitcoin futures exchange BitMEX will require its users to verify their identity by February 12, 2021

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Bitcoin futures exchange BitMEX will start requiring all users to prove their real world identity on the exchange by August 28 2020.

Not that mainstream journalism is much better, but don't any of these sites do any proofreading before publishing articles?

my understanding is there is a ~6 month grace period to complete KYC. after that february 2021 deadline, KYC is officially mandatory and unverified accounts will have trading/withdrawal privileges revoked.

Quote from: The Sceptical Chymist on August 22, 2020, 04:11:51 PM

Quote from: figmentofmyass on August 22, 2020, 02:38:09 PM

you really think bitmex can retain its volume and liquidity levels with mandatory KYC? i don't really believe that, especially given their perpetually sub-par trading engine performance. so many people already hate bitmex so much.

Eh, probably they'll have a drop in volume but I wouldn't expect it to be too drastic. It isn't like there are many no-KYC exchange options out there that BitMEX customers can migrate to.

bitmex and binance were both built on mass commission-based referral campaigns on crypto twitter during the 2017 bubble. another platform could rise to prominence the exact same way when bitmex goes full KYC, because they will create a vacuum in the space IMO.

influencers on crypto twitter have a big interest in that too---they will make huge profits from referrals by advertising a new, growing site. combine that with another bubble like 2017 and i think bitmex could be replaced fairly easily.

The Sceptical Chymist

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Quote from: tbct_mt2 on August 14, 2020, 11:06:39 PM

BitMex is a big exchange and we can believe in the security method but there are risks with KYC as always.

Why KYC is extremely dangerous – and useless

There might well be risks with KYC, and it could be dangerous and useless, but none of that matters if the government is requiring an exchange to enforce KYC procedures. I don't think BitMEX was just itching to spring this on all of their customers.

Also, this is a typical crypto news site article that's poorly written:

Quote from: figmentofmyass on August 22, 2020, 02:38:09 PM

you really think bitmex can retain its volume and liquidity levels with mandatory KYC? i don't really believe that, especially given their perpetually sub-par trading engine performance. so many people already hate bitmex so much.

Eh, probably they'll have a drop in volume but I wouldn't expect it to be too drastic. It isn't like there are many no-KYC exchange options out there that BitMEX customers can migrate to.

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Quote from: gentlemand on August 21, 2020, 05:31:15 AM

Quote from: figmentofmyass on August 21, 2020, 01:57:21 AM

what will be the new chosen casino? bybit? are there any other contenders? kucoin futures caps leverage on unverified users at 5x IIRC so probably not them.

Surely volume and action wins out even when KYC is introduced?

you really think bitmex can retain its volume and liquidity levels with mandatory KYC? i don't really believe that, especially given their perpetually sub-par trading engine performance. so many people already hate bitmex so much.

there's a very good reason why bitfinex and binance retain massive liquidity while also avoiding mandatory KYC at all costs. bitmex is not immune to that reality simply because they were the first mover in the crypto derivatives space. i'm very interested to see what comes of this.

Quote from: gentlemand on August 21, 2020, 05:31:15 AM

I've never really seen anywhere else mentioned as a serious rival. There's Bitmex and then there's everyone else. And everyone else seems weak and fragmented.

bitmex never had to compete as a platform with mandatory KYC.

remember poloniex and bittrex in 2017? they were on top of the world during the first half of the year. then they announced mandatory KYC and their customer bases completely evaporated---and binance very quickly became the biggest altcoin exchange in the world.

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Quote from: figmentofmyass on August 21, 2020, 01:57:21 AM

what will be the new chosen casino? bybit? are there any other contenders? kucoin futures caps leverage on unverified users at 5x IIRC so probably not them.

Surely volume and action wins out even when KYC is introduced? I've never really seen anywhere else mentioned as a serious rival. There's Bitmex and then there's everyone else. And everyone else seems weak and fragmented.

figmentofmyass

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Quote from: gentlemand on August 14, 2020, 04:32:37 PM

https://www.coindesk.com/bitmex-to-mandate-identity-verification-for-all-traders-amid-evolving-industry-regulations

Bitmex is bringing it in for everyone at the end of the month anyway so even if this hadn't popped up you would've been hit with it.

wow, how did i miss this? with deribit and now bitmex falling in line, the wild west is really coming to an end. Undecided

after it becomes official, i assume traffic will flow elsewhere---bitmex is horrible for so many reasons that KYC must be a deal breaker for many.

what will be the new chosen casino? bybit? are there any other contenders? kucoin futures caps leverage on unverified users at 5x IIRC so probably not them.

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Quote from: bonjouros on August 15, 2020, 11:59:31 AM

Their requirement is not that hard to give if in case you are ready to submit your KYC or you can just hire someones KYC if it is possible to do so. As in my case I really
hate giving my own KYC for the sake of money.

Yeah, just be careful not to buy someone else's stolen dox (screwing yourself over and possibly a stranger), and perhaps instead have a helpful person you can always reach if an exchange starts making more demands for KYC, or selfies/verifications over skype.

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If you are willing to provide your KYC just to get your funds then this problem can solve easily if in case the Bitmex owner will not porfeit your money as you were
tagged as violators to their terms of service.

Their requirement is not that hard to give if in case you are ready to submit your KYC or you can just hire someones KYC if it is possible to do so. As in my case I really
hate giving my own KYC for the sake of money.

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Quote from: AmoreJaz on August 14, 2020, 09:33:18 PM

i dont think logging in from 2 different IP addys should be considered shady by the exchange.

I agree with you completely, but it is what happens. Not so much an IP changing when the geographical location is roughly the same, but we see time and again people having their accounts locked because they logged in via Tor or a different VPN server in a different country than they usually do. Much like mixers and coinjoins, centralized exchanges don't like anything which is good for privacy.

Quote from: yhiaali3 on August 14, 2020, 11:39:54 PM

Although most of the large exchanges are rejecting the incoming bitcoin through the mixer, I think that the problem here is not because of the mixer, but because the central platform suddenly changed its policy and became KYC.

Yup. They won't be the first and they won't be the last to pull off this kind of shady move. Centralized exchanges do this all the time - hold your coins hostage and demand that you give up your privacy and risk your information to be allowed to have your coins back. It's extremely unethical.

Any time you use a centralized exchange you risk having to complete KYC to be allowed to have your coins back. Regardless of what they promise in their advertising, their Terms of Use will tell a very different story.

thesmallgod

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I think Bitmex is centralized so why are you surprised that they are asking for KYC. I do not think it is because you mixed your coin using a specific mixer which as becomes a subject of discussion on some exchange. You should have used DEX since you want to reveal any of your identity. Just a day ago, Bitmex posted it on their twitter page that they have make KYC mandatory so it seem like a wrong timing for you as you will need to provide KYC document in order to move your coin. This is inevitable https://twitter.com/BitMEX/status/1294076436811321344

The Cryptovator

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This is the disadvantage of a centralized exchange. Today or tomorrow they would ask about your KYC if it belongs to their terms and conditions. A mixed coin shouldn't trackable from where it came. I hadn't used Wassabi but seems according to other users, it's traceable if you use Wassabi mixer. If the transaction is that it has come from Wassabi then what are the benefits of using a mixer?

Anyway, there is no way except complying with their requirements. Try to explain after complete verification and come out from there. I will suggest such as mixer where the transaction is traceable from which mixer funds came from.

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Quote from: babykika2027 on August 15, 2020, 01:12:44 AM

Exchanges hate mixers so much. There are less and less space there you could use them

It's mostly just some exchanges that doesn't want them for whatever reason. You can still freely transact with mixed coins anywhere else, especially peer-to-peer as most people don't even care about mixed/tainted/dirty/etc coins.

After some time almost all circulating coins will be mixed/tainted/dirty/etc though, so this is just a short-term "issue".

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We see that all users on exchanges such as Bitmex or other CEX will of course also be asked to complete KYC, but sometimes not all of them have to, depending on the withdrawal limit, if your withdrawal is high you might have to pass KYC or it has new regulations where all users required to complete KYC at bitmex, I am not a trader at bitmex

babykika2027

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Exchanges hate mixers so much. There are less and less space there you could use them

nutildah

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The language in the email was pretty specific. Your coins must have been joined with coins that came explicitly from a known dark market hot wallet. Not to say you can't either

a) complete their requirements and provide a reasonable explanation, or
b) simply ask for a withdrawal and use someone else (I recommend FTX.com, they are a better version of BitMEX).

The interesting thing about BitMEX is they're not really an exchange -- they're more like an arcade or casino. You can only deposit and withdrawal BTC and nothing else. You send them your BTC, use it to buy some Fun Tokens to play with, and if you win the prize, you can cash it out for some BTC.

Either way, sounds like they didn't want your money at their casino.

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Quote from: o_e_l_e_o on August 14, 2020, 08:52:08 PM

Quote from: mk4 on August 14, 2020, 06:26:43 PM

Imagine the outrage when Binance finally enforces AML/KYC.

Better that they start being honest and saying that they will demand KYC from everyone, rather than falsely advertising their "2 BTC a day unverified accounts", and still slapping KYC on anyone who dares to do something shady such as log in from two different IP addresses. Roll Eyes

If they did, they would probably slowly but surely lose their market dominance. Cheesy

I'm betting that they'd more likely go with the sudden mandatory KYC route so their users with good amounts of money on their platform would have no choice but to comply.

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Sorry to hear this but in the near future most exchanges will surely be going with this new way of requesting all users to undergo Know Your Customer process. Maybe you should try other mixers as well if they have flagged Wassabi. There are the likes of Samourai wallet and Bitcoin mixers, these are equally good and I know folks that have used them before and had no problem.

yhiaali3

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Although most of the large exchanges are rejecting the incoming bitcoin through the mixer, I think that the problem here is not because of the mixer, but because the central platform suddenly changed its policy and became KYC.
These are the unpleasant things that central platforms do in the open and decentralized world of Crypto that they want to control and centralize. It seems you have no choice now but to activate verification via KYC or you will lose your money.

tbct_mt2

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BitMex is a big exchange and we can believe in the security method but there are risks with KYC as always.

Why KYC is extremely dangerous – and useless

BitMex do their works honestly and straightfully by require mandatory KYC for all users, globally no exception without KYC for life-time volume, etc. I recalled the scam KYC of Crypto Bridge: they first required KYC on US. citizens, then about 1 to 3 months later they requried KYC on global users, and what was next, scam exit.

See Crypto Bridge scam story

crwth

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Just like what others said, it’s probably going to happen soon enough to be at nicks knowing that they want to be recognized as one of the best exchanges to trade on. If you're going to trade and know that you are on the right side of the coin, you should just follow the protocols needed, in my opinion, unless you are willing to give away in the coins that you deposited. They have complete control now.

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Quote from: o_e_l_e_o on August 14, 2020, 08:52:08 PM

As far as centralized exchanges go, anything that prevents them from sticking their noses where they don't belong (such as CoinJoins) automatically triggers their "suspicious activity" algorithms and demands KYC.

You won't be in trouble legally, since there will be no way to prove if the funds you deposited were linked to darknet markets, and even if they were, if it was you that was using them on the darknet. What will happen is that your BitMex account will be locked and your coins will essentially be confiscated. If they like your KYC, they might unlock your account. If they don't like it, they will keep your coins and there will be next to nothing you can do about it.

Quote from: mk4 on August 14, 2020, 06:26:43 PM

Imagine the outrage when Binance finally enforces AML/KYC.

Better that they start being honest and saying that they will demand KYC from everyone, rather than falsely advertising their "2 BTC a day unverified accounts", and still slapping KYC on anyone who dares to do something shady such as log in from two different IP addresses. Roll Eyes

i dont think logging in from 2 different IP addys should be considered shady by the exchange. because most of us are in dynamic mode of IP, every once in a while, our IP changes. unless you have your static IP at home, which is not common to all of us. binance should stick to their no kyc reqmt if you are dealing with 2btc and below daily. and its not fair if they will require you KYC just because of the IP change. usually email verification should do the work on that case.

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