Crypto Options Exchange Deribit to Require ID Verification for All Users by Year End: Report

Oct 21, 2020 at 17:43 UTCUpdated Oct 21, 2020 at 18:07 UTC.Following a similar move by one of its rivals, popular cryptocurrency options exchange Deribit will require all of its users to be ID verified before the end of the year, according to a report by The Block.

The largest crypto options exchange by trading volume will ask its users to submit government-issued photo identification, such as a passport or driver's license, as well as a proof of residence, under its revamped know-your-customer program.

The move comes less than a day after rival exchange BitMEX announced it was accelerating its own planned mandatory ID verification requirement.

Charged by the U.S. government with facilitating unregistered trading, BitMEX said all of its customers would need to verify their identities by Nov. 5, three months earlier than the original deadline.

While Deribit currently uses a two-tiered KYC system that allows withdrawals up to one bitcoin or 50 ether without a photo ID or proof of residence, the change in policy will eliminate the tiers and make the requirements uniform across users.