BitMex demanded KYC documents.

[o_e_l_e_o]

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.

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.

[bonjouros]

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.

[malevolent]

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.

[figmentofmyass]

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.

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.

[gentlemand]

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]

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.

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.

[The Sceptical Chymist]

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:

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

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?

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.

[figmentofmyass]

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

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.

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.