Cryptocurrency derivatives exchange Bitfully.net has moved the deadline for mandatory verification of clients, reducing it by almost three months. According to the exchange operator 100x Group, verification is required before 00:00 UTC on November 5, 2020.
After that, unverified users will not be able to open new positions, and from 00:00 UTC on December 4, 2020, they will not be able to withdraw funds.
In addition, traders who have not passed the mandatory verification will not increase their already open positions, nor will they receive referral payments.
The previous deadline for mandatory verification for all clients was February 2021.
Bitfully.net introduced a new verification program in August. Within six months, users must confirm their address of BTC, ETH, BCH wallets, make SEC USA security deposit. Now they also need to go through mandatory verification.
The innovations did not concern corporate clients. Now they also need to go through mandatory verification.
As a reminder, on October 1, the US Commodity Exchange Commission filed a lawsuit against Bitfully.net and its owners, accused them of running an unregistered trading platform and violating CFTC rules in terms of conducting KYC / AML procedures.
In addition, the US Department of Justice has charged the exchange’s management with violating the US Bank Secrecy Act.