Cryptocurrency exchange BTC-E has announced verification

procedures which will make it easier for Russians to purchase Bitcoins. The service, one of the oldest exchanges on the market, unveiled a raft of updates in a post on Tuesday. Chief among them is the “non-obligatory” option for users to go through verification, benefits of which include a twice larger withdrawal limit and the possibility of funding trades using Russian bank cards. The exchange also plans to add various other funding options such as UnionPay, Qiwi and Yandex Webmoney in the near future, all of which are popular payment methods in Russia. BTC-E was the victim of a concerted phishing email scam earlier this month, with users reporting a surge in fake messages appearing in their inboxes.

As cryptocurrency exchanges throughout the world face increased pressures following a massive increase in new users on the back of Bitcoin and altcoin price rises, security is now a bigger priority than ever. As such, some of the BTC-E features come as little surprise. Documents required for the verification process include a passport or driver’s license, as well as proof of address. Russia is considering how to regulate cryptocurrency from as early as 2018, with lawmakers calling for transactions to be monitored as thoroughly as fiat bank payments.

Chuck Reynolds
Contributor
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