Formally considered a decentralized cryptocurrency exchange, the International Distributed Ethereum Exchange (IDEX) announced that the previously announced process of mandatory user verification will start on July 24th.

Starting from that date, a 30-day transition period will begin, during which all wallets working with IDEX will be able to continue to carry out unlimited transactions and withdraw funds up to $ 5000 per day without having an account and verification.

During this transition period, the exchange encourages users to create and verify accounts. After August 23, trading and withdrawal of funds in IDEX will be available only if you have an account and verify the first or second level.

Verification of the first level involves creating an account with a valid e-mail and indicating the name, date of birth and country of residence. Representatives of the exchange that this process will be instantaneous, after which users will have the opportunity to enter an unlimited number of transactions and withdraw funds in the amount of up to $ 5000 per day.

Verification of the second level is designed for those who want to withdraw more than $ 5000 per day. To do this, you will need to upload a copy of your passport or other identity document, indicate your address and take a selfie.

At the same time, IDEX reports that it has to start restricting access by users from the United States to certain assets. At this stage, the exchange does not specify which cryptocurrencies and tokens will fall under the restriction, promising to publish this information in the near future.

Recall, for the first time, plans to begin the process of forced user verification in order to comply with AML / KYC requirements IDEX reported at the end of 2018. As a reason for this decision, the creator of the Aurora DAO platform referred to a statement by member of the Commodity Futures Trading Commission (CFTC) Brian Quintens that developers can be held accountable for illegal operations performed by third parties using their smart contracts.

At the same time, representatives of Aurora DAO stated that today not one of the sites meets the criterion of “full decentralization”, while leaving the control of the authorities is fraught with inconvenience for users and will lead to a significant slowdown of the site.

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