BitMEX believes that advancement in technology will help eliminate bad actors in the crypto sector. The crypto exchange, one of the biggest bitcoin trading platform in the world, is currently strengthening its Anti-Money Laundering measures in the wake of its criminal charges in the US.
Based on a November 12 blog post, it is evident that BitMEX has partnered with Eventus Systems, a software, and compliance firm, to enhance its trade surveillance and AML transaction capabilities. According to the announcement, Eventus Validus‘ technology will work in conjunction with BitMEX’s existing trade surveillance and AML processes to offer a “safe and secure trading environment” for its customers. The blog post reads:
“We will be able to more efficiently screen out bad actors and increase proactive monitoring for unauthorized trading activity on the BitMEX platform.”
BitMEX’s newly hired chief compliance officer, Malcolm Wright, highlighted that the choosing of Eventus is an integral part of the firm’s plans to further develop most of their compliance capabilities:
“Choosing Eventus is part of our ongoing commitment to achieve this vision as we execute signature initiatives like our User Verification Programme.”
The crypto exchange’s most recent AML move is considered to be another effort to enhance its compliance procedures as it faces criminal charges leveled by the United States Commodity Futures Trading Commission.
On October 1, the CFTC charged derivatives exchange BitMEX with violating AML regulations and operating an unregistered trading platform. Adding to the CFTC’s charges, the Department of Justice also insisted that BitMEX never implemented AML and Know Your Customer (KYC) programs, which violated the Bank Secrecy Act.
BitMEX’s executives denied these allegations. They claimed that the platform would continue operating as usual although BitMEX hired a new chief compliance officer and pushed a new KYC authentication program. Any user who does not complete the KYC program cannot withdraw funds from BitMEX after December 4, 2021.