In a public statement, the derivatives crypto platform, BitMEX has reminded its users that they have just two weeks to complete the mandatory KYC information. According to the exchange, users should endeavor to complete this mandatory KYC before the deadline position or risk restrictions on withdrawals and maintain positions. In the statement that was released by the platform on November 19, the deadline to complete the KYC information will elapse on December 4.

BitMEX adds Refinitiv Toolset to its platform

In response to the news, the community of BitMEX users on Twitter has shown their displeasure. According to the users, the exchange should not have to suspend withdrawals on their accounts if they fail to meet the mandatory requirements. Furthermore, the users said the exchange didn’t need to know their details if they were already leaving. Going by records, the firm requested the mandatory KYC completion after they were slammed with lawsuits and were investigated on several basis.

The exchange announced that it was drawing back the completion of its compulsory KYC requirements by two months after lawsuits from the DOJ and CFTC around October 2020. In a bid to hasten up the process, the crypto exchange announced that it had added a new Refinitiv Toolset to the platform.

The Refinitiv Toolset was added to help the exchange eradicate the illegal usage of the platform. To further boost the security and monitor the forum more, BitMEX said it has entered into a partnership with Eventus Systems, an AML platform.

In its quest to rid the country of illegal activities in the crypto space, the US authorities are currently clamping down on exchanges and investments across the country. Several outfits have been forced to either shut down their operations or settle after several lawsuits with typical examples Telegram and Kik, where the former shut down its TON project and the former settled with a $5 million fine.

BitMEX losing users and funds in droves

After the US authorities started looking into the crypto exchange affairs and the subsequent lawsuit, BitMEX has been rushing up the KYC process on its platform. When the exchange was slammed with the lawsuit, it told its users that there was no cause for alarm as activities will continue normally on the platform. As it stands, some top executives of the platform are facing serious charges, including the CEO of the platform, Arthur Hayes.

When the investigations started, it was discovered that the founders of the exchange had used the platform to steal funds close to $440 million. However, the exchange has denied these claims, and it has said that it will challenge all the lawsuits against it. Even though the firm’s activities are still going on as normal, the exchange has been losing users and funds in droves even before the lawsuits were filed.