BitMEX rejects the charges of CFTC and DoJ, while the crypto trade is to continue undisturbed.
In a blog entry on Thursday, the crypto trading platform BitMEX defends itself against the latest charges brought against the company and its operator by the US regulatory authority CFTC and the Department of Justice.
In its statement, BitMEX responds that it “already Bitcoin Circuit in its early days as a start-up, endeavoured to comply with applicable U.S. law as interpreted at the time and to act in accordance with the assistance available at the time”.
What is to be understood as “applicable American law” will probably be a matter for negotiation in the lawsuit against BitMEX. The trading platform, which specialises in crypto derivatives, has repeatedly emphasised in the past that it is not accessible to American customers. However, this claim has already been critically questioned by other parties. The main allegation of the CFTC lawsuit is that BitMEX is alleged not to have properly registered with the authority as a trading platform for derivatives.
The US Department of Justice (DoJ) in turn accuses the crypto exchange of not having implemented sufficient measures to obtain customer information (KYC) and to combat money laundering (AML). Both government agencies point out that BitMEX was warned for years that its operation in this form was illegal.
In the blog entry, BitMEX stresses that trading on the platform continues unrestricted despite the lawsuit. This resembles a real declaration of war, as Samuel Reed, one of the co-founders of the crypto exchange, was arrested in the course of the day.