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BitMEX crypto exchange steps up AML and trade surveillance measures

BitMEX crypto exchange steps up AML and trade surveillance measures

BitMEX, one of many world’s largest Bitcoin (BTC) buying and selling platforms, continues to strengthen its Anti-Cash Laundering measures within the aftermath of its legal prices in the US.

In accordance with a Nov. 12 weblog put up, BitMEX has partnered with software program and compliance agency Eventus Methods to enhance its commerce surveillance and AML transaction capabilities.

Per the announcement, Eventus Validus‘ expertise shall be built-in into BitMEX’s present commerce surveillance and AML processes as a way to present a “protected and safe buying and selling atmosphere” for its customers. “We will extra effectively display out dangerous actors and enhance proactive monitoring for unauthorized buying and selling exercise on the BitMEX platform,” the weblog put up reads.

Malcolm Wright, BitMEX’s newly employed chief compliance officer, famous that the number of Eventus is a vital a part of the corporate’s plans to additional develop their compliance capabilities:

“Selecting Eventus is a part of our ongoing dedication to realize this imaginative and prescient as we execute signature initiatives like our Consumer Verification Programme.” 

BitMEX’s newest AML transfer is one other effort to step up its compliance processes because it faces legal prices by the U.S. Commodity Futures Buying and selling Fee.

On Oct. 1, the CFTC charged derivatives trade BitMEX with working an unregistered buying and selling platform and violating AML laws. Alongside the CFTC’s prices, the Division of Justice additionally argued that BitMEX didn’t implement Know Your Buyer and AML applications, violating the Financial institution Secrecy Act.

BitMEX’s executives subsequently denied the allegations, claiming that it’s going to proceed working as standard, however the trade has employed a brand new chief compliance officer and pushed a brand new KYC verification program. Customers that don’t full the KYC program will be unable to withdraw funds from BitMEX after Dec. 4, 2020.

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