Crypto derivates exchange BitMEX rolls out its first mobile application – a report by Sahil Kohli.

Crypto derivatives exchange giant BitMEX announced on Tuesday that it is officially rolling out its first mobile application.

One of the leading crypto derivatives exchanges, BitMEX, announced that it is officially rolling out its first mobile application on Tuesday. The launch follows a months-long pilot during which the Seychelles-registered trading venue trialed it among traders in 18 countries. It will be available in more than 140 countries to start. BitMEX implemented the same security measures as its web platform, including biometric unlock and fingerprint scanning. BitMEX’s Ben Radcylffe said they built the app’s charting software in-house to mimic its website’s charting capabilities best. 

 

“Users can also set up push notifications for auto-deleverages.”

In an interview with the crypto news platform, The Block, BitMEX’s Ben Radcylffe said, “we went with building it ourselves as much as possible to maintain that consistent experience.” In addition to being able to deposit, withdraw and trade through the mobile app, users can also set up push notifications for auto-deleverages and liquidations, he added. However, it won’t include all of the bells and whistles from BitMEX’s main site on day one, Radcylffe said. The app’s launch is ahead of several new contract launches and a trading tournament set for later this year, he noted. 

 

BitMEX is implementing KYC regulations. 

As reported earlier, BitMEX is implementing mandatory Know Your Customer (KYC) verification for all of its users. This requirement is a change of pace for the exchange, which many views as a lax and a lenient gray area operator. In its official announcement, the exchange said, “The User Verification Programme will require individual users to go through a four-step process similar to ID checks on many other cryptocurrency exchanges. Many companies in the crypto space have enforced the KYC regulations in recent times. Earlier, BitMEX CEO Arthur Hayes had also acknowledged that it’s possible for individuals living in restricted jurisdictions to mask their location by using a VPN, as reported by Sahil Kohli. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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