IDEX, the popular hybrid decentralized exchange, today made an announcement concerning new and existing users, who will now be able to create Know-Your-Customer (KYC) verified accounts from Wednesday, July 24th, 2019. This is in line with last years statement from the exchange and an announcement in March, which disclosed a collaboration between IDEX and regulatory technology (RegTech) provider, Blockpass.
Starts with a Transition Period
The 24th of July will be the start of a transition period scheduled to last for 30 days. As the period begins, all users are implored to create accounts and ensure that they are verified as soon as possible. IDEX will be doing this to make sure that everyone has enough time to carefully establish they are verified without any effect on their accounts and trades. Throughout the period, all wallets will still be able to trade as many times as they want and without an account, up to a $5,000 daily limit.
The 23rd of August is scheduled as the last day of the transition period. After this, IDEX will only allow trades for users who have created accounts and have been able to secure one of the two stages of verification.
Verification Process and Requirements
IDEX will be implementing a simple, two-tier verification system:
This stage is the most minimal. Accounts will be created using some specific details including name, country, date of birth and a valid email address. This is all that will need to be done and once this is submitted, the account will be Tier 1 verified and allow as many trades and withdrawals as wanted but with a $5,000 daily cap.
This verification stage is for users who wish to trade more than $5,000 daily. Some additional information will be required including an approved form of identification like a passport, address and also a selfie. Once this is also submitted, verification will be approved in as little as 30 seconds and said account will be allowed to make unlimited trades and withdrawals.
Compliance Limitations for U.S. Customers
According to the announcement, IDEX has a continuous goal of doing everything it possibly can to stay within regulations and in compliance, especially as these regulations differ between countries. This is why there will now be some limitations for access to some assets for customers in the U.S. While the specifics for these haven’t been completely tailored out yet, IDEX will make the necessary announcements in the coming weeks. There will be no changes to trading for users outside of the U.S.
The IDEX team not only pursues compliance, but is also eager to start this new phase, so customers are somewhat closer to the exchange. This will make it easier to share news and product updates as well as listen to the community and use feedback to create more features.
“As an added bonus, the launch of accounts means we will finally get to know our customers – i.e., you – better. We’ll more easily be able to launch requested features, and we’ll finally be able to get in touch to share product notifications, asset updates, and essential alerts to help you stay on top of your trading.”
– IDEX Team