BitMEX, one of the world’s largest Bitcoin (BTC) trading platforms, is further stepping up its anti-money laundering measures following the criminal charges in the US.
According to a blog post dated November 12th BitMEX has partnered with software and compliance company Eventus Systems to improve its business monitoring and AML transaction capabilities.
According to the announcement, Eventus Validus technology will be integrated with BitMEX’s existing AML and business monitoring processes to provide a “secure business environment” for its users. “We will be able to spot bad players more efficiently and improve proactive monitoring for unauthorized trading activities on the BitMEX platform,” the blog post said.
Malcolm Wright, BitMEX’s recently hired Chief Compliance Officer, noted that the selection of Eventus is an important part of the company’s plans to further develop its compliance skills:
“Choosing Eventus is part of our ongoing commitment to realizing this vision as we carry out unique initiatives like our user verification program.”
BitMEX’s recent AML move is another attempt to speed up compliance processes as the U.S. Commodities Futures Trading Commission picks up criminal charges.
On October 1, the CFTC accused the derivatives exchange BitMEX of operating an unregistered trading platform and of violating AML regulations.. Along with the CFTC fees, the Justice Department also argued that BitMEX did not implement the Know Your Customer and AML programs, which violated the Banking Secrecy Act.
BitMEX executives then denied the allegations, claiming it will continue to work as usual, however The exchange has hired a new Chief Compliance Officer and launched a new KYC review program. Users who do not complete the KYC program will no longer be able to withdraw funds from BitMEX after December 4, 2020.