Bitmain wants to implement KYC for buyers of mining equipment

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Looks like Bitmain will seek to introduce a procedure of “Know your customer” (KYC) for all who want to purchase mining equipment from the company.

This step became for many unexpected as KYC was never required before, at least when buying equipment.

This step can be potentially linked with prescriptions for the passage of future primary product offerings (IPO) or of crypto-currency regulation in China, which, it seems, every day it tightens the requirements associated with any cryptocurrency businesses.

The danger of such decisions

Twitter users immediately reacted to the news of the introduction of KYC, noting: “Bitmain now require full KYC to buy miners because of the need for regulatory compliance. I don’t know whether this has any relation to the IPO or to the government, but the time specified by the company are very interesting, because many buyers are vouchers and discount coupons, it looks like it will be able to successfully get rid of such clients under the guise of KYC requirements”.

As noted by other users:

“Operating in a gray area in China during the year, Bitmain may be trying to get out of it. The problem is that the IPO Bitmain is very similar to the outflow of capital, and now China is trying to block it because a lot of regulatory risk in the IPO”.

Bitmain future can be very unpredictable before the IPO. With customers that are unhappy with the new KYC requirements, and a fall in profits, the company Bitmain could be in a quandary.

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Label: Bitmain IPO KYC

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