BitMEX wants to expand its capabilities after paying $ 100 million to US regulators. »alt =» BitMEX wants to expand capabilities after paying $ 100 million to regulators from US 101 ″ class = »content-img» /> Source: Adobe / dennizn

leading platform in crypto derivatives BitMEX has seen a resolution of its dispute with US regulators, which its CEO She said “will only accelerate [their] Evolution”. However, with criminal charges still hanging over its founders, BitMEX will need to have independent consultants investigate their transaction data to ensure that the company does not operate in the United States.

BitMEX has reached an agreement with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN), agreeing to pay a civil penalty of $ 100 million to resolve charges related to the investigations by the two agencies.

For CEO Alexander Höptner, this is a price that the platform must pay to continue its growth and open a new chapter in its development.

“We are expanding our capabilities to serve a larger subset of users by building trading, custodial and brokerage capabilities, as well as information products and an academy,” said the CEO.

For him, “the future of cryptocurrencies will belong to platforms that seek to be regulated in the relevant jurisdictions” and that have policies responsible for knowing your customer (KYC) and against money laundering (AML).

announcement builds on Höptner’s April statement in which it revealed that BitMEX was preparing to pursue additional licenses in a variety of jurisdictions and expand its offering with five new business segments: commercial, brokerage, custody, information products, and academia. .

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As reported, US prosecutors filed criminal charges last October accusing four of the platform’s founders and executives of evading money laundering regulations. defendants included co-founders Arthur Hayes, Samuel Reed, and Benjamin Delo, as well as Gregory Dwyer, BitMEX’s head of business development.

Meanwhile, the platform’s agreement with the two US regulators provides for additional measures that BitMEX must implement, according to FinCEN, which she said the platform did not file a suspicious activity report (SAR) on at least 588 specific suspicious transactions in the years 2014. to 2020.

“BitMEX has agreed to engage an independent consultant to perform a historical analysis of its transaction data, sometimes referred to as ‘SAR investigation’, to determine whether BitMEX should submit additional SARs on this activity,” the regulator said.

BitMEX will also need to engage an independent consultant to conduct two reviews to ensure that BitMEX is not executing all or any of the substantial operations on US soil.

“Despite BitMEX’s public statement that its platform does not do business with US individuals, FinCEN found that BitMEX failed to implement proper internal policies, procedures, and controls to screen customers using a virtual private network. [VPN] to access the trading platform and bypass internet protocol monitoring, ”said the regulator.

FinCEN has determined that, in some cases, BitMEX senior representatives have altered US customer information to hide the true location of their customers.


To find out more: – Arthur Hayes of BitMEX surrendered and was released as expected – BitMEX completes expedited verification, protects ‘vast majority’ of volume

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