Bitmain, one of the world’s largest manufacturers of ASIC chips, has announced the implementation of the policy “know your customer” (KYC). After the introduction of this rule, all customers who want to buy mining hardware, need to pass a compulsory procedure of identification.
Company Bitmain says that the introduction of KYC is required in order to meet regulatory requirements. In addition to the official message on the website, the chip maker has sent emails to its customers asking them to complete the KYC as soon as possible. It was also reported that clients who have not completed the process will either be blocked or you can just read the information without the right equipment purchase.
Users must provide personal information which includes name, address, type of identification and identification number. All data is entered in the online portal of the platform. The official launch took place August 24, 2018 at 00:00 UTC.
In the ad Bitmain reported that all information gathered will not be passed to any third parties without the customer’s permission. It is emphasized that at the government’s request, the company may transfer the necessary data.
In addition, Bitmain published scheme restrictions on purchase. So, if KYC is not completed, the maximum size of a transaction when purchasing from an internal website is ¥300 thousand from $0. Upon successful completion of the identification of any restrictions.
New requirements the manufacturer of the chips has caused a mixed reaction in the cryptocurrency community. Some suggest that the requirement to pass KYC associated with the upcoming IPO of the company. While others believe that this is due to the harsh actions of China against scriptcombine.
“I don’t know whether the procedure has any relation to the IPO or the government, but really care about deadlines. Many buyers have become the owners of the vouchers and discount coupons. It seems that KYC will help the company to get rid of these customers,” wrote a user under the nickname WhalePanda.
Another client of the company wrote on Twitter that soon will come up with the identification of DNA or eye scan in order to buy a simple chip for mining.
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