Buying Computers With Passport: Bitmain Announces New KYC Policy

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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
Cover image via U.Today

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. 

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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

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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 alex.dovbnya@u.today.