New technology will help screen out bad actors, BitMEX says.
BitMEX, one of the world's biggest Bitcoin trading platforms, continues to strengthen its Anti-Money Laundering measures in the aftermath of criminal charges in the United States.
According to a Nov. 12 blog post, BitMEX has partnered with software and compliance firm Eventus Systems to improve its trade surveillance and AML transaction capabilities.
Per the announcement, Eventus Validus' technology will be integrated into BitMEX's existing trade surveillance and AML processes in order to provide a "Safe and secure trading environment" for its users.
"We will be able to more efficiently screen out bad actors and increase proactive monitoring for unauthorized trading activity on the BitMEX platform," the blog post reads.
BitMEX's latest AML move is another effort to step up its compliance processes as it faces criminal charges by the U.S. Commodity Futures Trading Commission.
On Oct. 1, the CFTC charged derivatives exchange BitMEX with operating an unregistered trading platform and violating AML regulations.
Alongside charges by the CFTC, the Department of Justice also argued that BitMEX failed to implement Know Your Customer and AML programs in violation of the Bank Secrecy Act.
BitMEX's executives subsequently denied the allegations, claiming that it will continue operating as usual, but the exchange has hired a new chief compliance officer and pushed a new KYC verification program.
Users that do not complete the KYC program, will not be able to withdraw funds from BitMEX after Dec. 4, 2020.
BitMEX crypto exchange steps up AML and trade surveillance measures
Published on Nov 12, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.