Bitmain is regarded as one of the largest Bitcoin mining and the famous ASIC chip manufacturing in the universe which have confirmed that the board is launching a Know-Your-Customer (KYC) protocol. Well, this step taken by the platform lead the cryptocurrency space showered bundles of questions on the mandatory requirement of KYC.
The answer claimed by the platform is the regulatory compliance. The Bitcoin mining firm has claimed that KYC has been made compulsory for all the customers if they want to avail the benefits of the platform.
Moreover, the firm has mailed all its customers regarding the mandatory issue of KYC. In addition, the platform has stated all its customers to complete the procedure of KYC as early as possible. Not only this, if the customers will not comply with the platform’s demand they will soon be blocked or suspended from buying any kind of assets or availing any services.
The users are requested to verify and submit their personal identification which includes address, name, identification number, type and so far.
The point to be noted is that the customers can submit their information via an online portal, this online mode has been made live from August 24 at 00:00 UTC, so all the customers are kindly requested to fulfill the demand of the platform if they want to stay on same.
Bitmain has assured its customers that no information will be made public or shared with any unauthorized parties without the prior permission of that user. However, they have clarified that if any information will be interrogated by the government they will not stick to their words.
Apart from all the above-mentioned requirement, the platform has also offered “the purchase limit structure for authentification” and these includes:
If the identification information not provided or the authentication of the KYC is in progress. The maximum purchase limit is:
- Domestic Website: ¥300,000
- English Website: $0
If the authentication of the KYC is completed and approved. The maximum purchase limit is:
- Domestic Website: Unlimited
- English Website: Unlimited
If the authentication is completed and disapproved. The maximum purchase limit is:
- Domestic Website: 0
- English Website: 0
The compulsory requirement of KYC for the users have shocked the cryptocurrency space and many communities are interrogating whether the KYC is in relation with Bitmain’s upcoming IPO or some of them are investigating whether it is for China’s triggered behavior for the cryptocurrency industries.