Are bitmex just trying to scam with their kyc policy?

[buwaytress]

This is funny. What it might do is separate the professional traders from the traders who trade on small volume hehe. I reckon professional traders give their KYC documents without any problem because it is only part of the job. It is the entitled people who trade on small volume who complain and also maybe some money launderers hehehe.

However, the real problem here is Bitmex competent enough to secure the data? They have leaked usernames and emails before.

I wouldn't count out the non-professionals like yours truly, I actually don't mind doing KYC at all -- but only at a platform I believe I will use long term (and that actually helps me with revenue reporting which, I'm a nice guy, I want to do to avoid any problems down the road). I have to sell regularly and predictably, and would like some protections, so yeah, I KYC'd right up at the main Europe exchange I use, as soon as it became available to me.

Is any exchange competent enough to secure the data? If they use 3rd party KYC providers like most exchanges I know do, then they've derisked this bit and left it to that 3rd party provider.

[1713555052]

1713555052

[bbc.reporter]

@buwaytress. Yes they derisked themselves, only as protection from the lawsuits that their customers might open, however hehehe.

Also, there was an article that Binance had customer data stolen from their 3rd party processor. This was before Binance decided to handle customer data themselves.

[Bitcoin_Arena]

Another Update;

While already existing users have until 12 February 2021 to have their accounts verified in order to continue trading in the exchange, Bitmex has passed out another announcement on the 15 September 2020 that all new registrations will require the users to first complete ID verification before being able to make deposits and trade on the platform, or receive affiliate income for referrals. KYC/AML regulations are biting harder!
https://blog.bitmex.com/announcing-the-bitmex-user-verification-programme/

[figmentofmyass]

Another Update;

While already existing users have until 12 February 2021 to have their accounts verified in order to continue trading in the exchange, Bitmex has passed out another announcement on the 15 September 2020 that all new registrations will require the users to first complete ID verification before being able to make deposits and trade on the platform, or receive affiliate income for referrals. KYC/AML regulations are biting harder!
https://blog.bitmex.com/announcing-the-bitmex-user-verification-programme/

wrong link. this is the announcement about mandatory verification for new users: https://blog.bitmex.com/new-account-registration-verification/

thanks for the heads up though. i'm glad i already have a couple accounts there that i can use in a pinch without submitting KYC, although tbh i am paranoid to fund them at this point with the threat of mandatory KYC looming over my head.

when the market picks up again, i'll probably stick with a futures platform that doesn't require KYC. kumex and bybit and some of the smaller guys are still holding the line.....