The security, as well as the privacy of users, have always been a major concern for the crypto market. One cannot deny the fact that the market has already witnessed not only brutal scams but also anti opinions on the entire crypto market.
Anonymity on crypto platforms is one such issue that needs the major attention of the masses. Speaking of which Bill Gates said last year:
The anonymity of cryptos is not at all a good thing. The government’s ability to be able to trace money launderers as well as terrorist fundings is a good factor. However Anonymous transactions on such platforms might destroy this ability.
RAY OF HOPE WITH IDEX
While the anonymity on crypto platforms needed to be checked, there was a strong need for firms to resolve this issue. after 23rd of August, trading, as well as withdrawing of funds in IDEX, will only be accessible to those who have had their accounts verified. Keeping this in mind, International Distributed Ethereum Exchange (IDEX), recently announced that anonymity on its platform will no longer be tolerated.
As per the announcements of the firm, the entire process of mandatory user verification is about to start from 24th July.
Since IDEX has already announced the battle against Anonymity, it now ensures that they win it.
Defeating such an issue might seem to be an enormously tough challenge and it seems IDEX is quite ready for it too.
- First of all a 30-day transition period, starting from 24th July will be initiated. All the wallets linked with IDEX, during this period will be able to carry out unlimited transactions as well as withdraw funds not more than $5000 dollars a day.
- Now it’s only during this period that the users will be convinced to not only create but also verify their accounts. This will ensure the implementation of a proper KYC process.
- This might be an imperative period because soon after the 23rd of August, trading, as well as withdrawing of funds in IDEX, will only be accessible to those who have had their accounts verified.
THE TWO LEVELS OF VERIFICATION
In order to ensure that the entire agenda of defeating anonymity works as expected, the firm came up with two levels of the verification process.
- The first level involves the creation of an account with a valid email. It assures that all the necessary information including name, date of birth, as well as location are properly saved.After these steps, users will be capable of carrying out unlimited transactions and withdrawing funds, but only up to $5000 per day.
- The second Level is specially designed for those who wish to extend their withdraw limit and make it more than $5000 per day.In order to achieve this, the user must upload a proper identity document like a passport, etc.
They also need to authenticate their identity with a selfie.
Moreover, IDEX also announced that access to certain assets will be restricted for users from the United States. The specific cryptocurrencies that fall under this category are, however, still unknown.