IDEX KYC Transition Period and Updated Asset Availability for US Markets Set to Begin
We previously announced our intention to incorporate KYC and AML compliance policies into the IDEX platform. Today we’re ready to share that current and new IDEX users will be able to create accounts and get verified for KYC starting Wednesday, July 24, 2019. As part of our continued commitment to compliance and security, IDEX will also begin limiting access to certain assets for US customers in the coming weeks.
The support of our community has been vital to us from the start, so it’s our goal that the rollout of KYC and the changes to our available assets for US customers will cause as little disruption as possible to the community’s trading and withdrawals.
July 24 Starts a 30-Day Transition Period
When KYC goes live on Wednesday, July 24, 2019, it will mark the beginning of a 30-day transition period. All wallets accessing IDEX will continue to be able to make unlimited trades and withdrawals of up to $5,000 USD per day without an account and without verification.
During this transition period, we encourage everyone to create an account and get verified as soon as possible, but it won’t be required. This approach is designed to give you as much time as you need to complete our quick and easy verification without impacting your ability to trade or withdraw amounts up to $5,000 USD per day.
The transition period will end on August 23, 2019, at which time trading and withdrawals through IDEX will only be available for those who have created an account and completed Tier 1 or Tier 2 verification.
Verification Tiers and Requirements
Our two-tier verification system is designed to be as simple as possible:
Tier 1 Verification — After creating an account with a valid email address, you will be asked to provide your name, date of birth and country. Once the information is submitted, verification is instant, and you will be approved for unlimited trades and withdrawals of up to $5,000 USD per day.
Tier 2 Verification — For users who want to withdraw more than $5,000 USD per day, you will be asked to provide your address, a passport (or other approved ID), and a selfie. Once the information is submitted, verification can take as little as 30 seconds, and then you will be approved for unlimited trades and unlimited withdrawals.
Updated Asset Availability for US Markets
Since our inception 2 years ago, IDEX has supported a growing and broad range of assets to customers around the world. Our goal is to continue to do so, and one of the ways we plan to accomplish it is by staying in compliance with the laws and guidelines set forth by the governments of the countries in which we operate.
In order to remain in compliance with US laws, we have decided that IDEX must limit access to certain assets for US customers. While we would love to share more about this change, we are actively working to figure out the details. The most we can share today is that the new list of assets available to US customers will be announced soon, and the updates will go live in the coming weeks.
For non-US customers, you should expect no changes to your trading experience and will continue to see the same list of available assets for the foreseeable future.
As always, we will continue to evaluate opportunities to add new assets for both US and non-US customers.
Looking to the Future
The launch of KYC and the updated asset availability for US markets brings a new era for IDEX and the IDEX community. Most importantly, these updates will mean we are better positioned to continue US operations for the foreseeable future, but after the transition period, we also expect the new KYC requirements to unlock access to crypto funds and other institutional investors that were previously unable to use IDEX due to lack of KYC. It’s our hope that these new investors and our continued US presence will create more liquidity, ultimately benefiting everyone who trades in crypto and who believes in its mission, as we wholeheartedly do.
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.
If you have any ideas or suggestions, please let us know. We are eagerly listening. It is our vision to see cryptocurrency flourish as a true currency, and we can’t get there without your continued support. We look forward to meeting you!
-Your IDEX Team