BitMEX confirms it has reached settlements with CFTC and FinCEN

MAHE, Seychelles, Aug. 10, 2021 /PRNewswire/ — BitMEX has nowadays confirmed that it has arrived at a resolution with the two the United States Commodity Futures Buying and selling Commission (CFTC) and Economic Crimes Enforcement Community (FinCEN) in relation to investigations by both companies.

BitMEX agreed to pay back as a lot as US$100 million to resolve the expenses. 

Alexander Höptner, Main Executive Officer of BitMEX, mentioned: “Right now marks an essential working day in our firm’s record, and we are incredibly glad to set this behind us. As crypto matures and enters a new period, we as well have developed into the most significant crypto derivatives system with a totally verified consumer foundation. Extensive person verification, strong compliance, and anti-income laundering abilities are not only hallmarks of our business enterprise – they are drivers of our very long-expression achievements.”

He added: “We take our responsibilities very critically, and will continue on to actively interact with regulators all over the environment to assure that we enjoy a beneficial position in supporting to form the foreseeable future of this incredible asset class.” 

BitMEX is currently embarking on an formidable company transformation below its ‘Past Derivatives‘ strategy, introducing five new worldwide business segments. These are Place, Brokerage, Custody, Facts Products and solutions, and Academy. Crucial hires and appointments have been made for each.

In 2020 and 2021, BitMEX created significant progress in parts of consumer verification, compliance, and marketplace integrity. Milestones include things like:

Late 2019 – Initiated KYC Establish-out

We started out to put in location the technologies necessary to scale up in depth know-your-shopper abilities.

August 2020 – Released User Verification System

We announced that all customers, new and present, would have to have to full identity verification or else near their accounts and withdraw their funds.

October 2020 – Hired Main Compliance Officer Malcolm Wright

We announced the employing of Malcolm Wright as our Chief Compliance Officer. Malcolm also serves as Chair of the Advisory Council and AML Performing Team at World wide Electronic Finance, a top affiliation that engages with field, policymakers, and regulators.

November 2020 – Included Associates to Boost Anti-Financial Criminal offense, Trade Surveillance, and AML Capabilities

We declared the addition of Refinitiv Earth-Examine One particular to our compliance toolbox to improve our anti-economic crime capabilities and bolstered our trade surveillance and anti-money laundering capabilities with our partnership with Eventus Systems.

December 2020 – Hired CEO Alex Höptner

We declared the appointment of Alex Höptner as our CEO. Alex previously served as CEO of Börse Stuttgart, which turned a pioneer for controlled electronic asset buying and selling underneath his leadership.

January 2021 – Introduced Completion of the BitMEX Consumer Verification Programme

We verified that our user verification programme was productively implemented as of December 2020. This manufactured BitMEX the largest crypto derivatives trade with a thoroughly verified lively consumer base. 

We also deepened our integration with blockchain intelligence supplier Chainalysis to far better discover, examine, and prevent illicit transactions. 

February 2021 – Appointed Wai Kin Chim as Unbiased Non-Govt Board Director

We appointed Wai Kin (WK) Chim as an impartial non-government board director. WK brings deep working experience in corporate governance, threat administration, and compliance from his 30-calendar year vocation in important economic institutions which include Normal Chartered Financial institution, Deutsche Bank, and Bank of China. 

March 2021 – Strengthened our Purchaser Due Diligence and Screening for Sanctioned Entities

We partnered with Kharon, a investigate and facts analytics company, to improve our shopper due diligence and increase screening for OFAC-sanctioned entities.

April 2021 – Announced Programs for Spot, Brokerage, Custody, Info Items, and Academy

We announced our ‘Beyond Derivatives‘ method, introducing five new world enterprise segments: Location, Brokerage, Custody, Information and facts Goods, and Academy. 

July 2021 – Mirrored on Favourable Effect of Person Verification Programme

Six months soon after the completion of our user verification programme, we released a piece on what we’ve discovered and how it has positively impacted our platform. 

To find out much more about BitMEX, our eyesight, increasing crew, and the street in advance, you should follow us on Twitter, Telegram, and the BitMEX Blog site

For further inquiries, make sure you get hold of [email protected]

Resource BitMEX

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