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Buying Computers With Passport: Bitmain Announces New KYC Policy

Sat, 08/25/2018 - 10:26
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Alex Dovbnya
The leading ASIC chip manufacturer urges customers to complete full KYC in order to keep buying its products
Buying Computers With Passport: Bitmain Announces New KYC Policy
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Bitmain, a Beijing-based ASIC-mining behemoth, has implemented a new policy that requires KYC-compliance for purchasing its mining equipment. The news produced a mixed reaction in the crypto community with some of its members trying to find the links to the upcoming Bitmain’s IPO, which has already managed to stir up some controversy. 

Bitmain Moves to Silicon Valley, Crypto Mining Giant Eyes US Market

New rules 

From now on, the company will only sell its equipment to individuals who verify their identity. Bitmain, a mining giant that controls over 85 percent of the market, had to introduce the KYC policy in order to comply with the government regulations that aimed at preventing money laundering and other types of illicit activities.   

The customers found out about the news after receiving a respective e-mail. All of Bitmain’s clients are encouraged to check their KYC status and upgrade it if there is such a necessity. Those who fail to verify their identity will not be able to purchase the company’s miners in the future. However, domestic customers can still spend up to $2,600.

Customers express indignation 

After this bombshell announcement, many users started questioning the real reason behind the KYC compliance. While it’s clearly a must for crypto exchanges to provide the KYC compliance, it’s clearly 
not common for chip manufacturers companies to ask for personal information before selling mining equipment

Bitmain Brings in $3 Billion

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at