BitMEX Adds Refinitiv Tool to Boost Compliance
- The exchange and its co-founders are facing lawsuits in the US for compliance violations.
BitMEX, a leading yet controversial crypto derivatives platform, has further strengthened its compliance measures by adding Refinitiv’s World-Check One tools, the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term announced on Thursday.
The newly added Refinitiv’s tool will allow the Seychelles-registered exchange to monitor for sanctions, financial crime, bribery, and corruption risks more 'efficiently and effectively'.
“We are evolving our compliance and KYC systems to manage any illicit funds risk by incorporating the most trusted screening information into our current processes,” Malcolm Wright, the Chief Compliance Officer at BitMEX-parent 100x Group, said.
“Compliance can never stand still, and our inclusion of World-Check One is an important step towards meeting the highest global standards of financial integrity.”
Legal Troubles in the United States
BitMEX is now focused on boosting its compliance measures following the twin lawsuits slapped by the US prosecutors against the exchange and its co-founders for violating several compliances in the country.
Though BitMEX denied the allegations of all the charges brought against it, the co-founders resigned from all management positions and at least one of them was arrested who is now out on bail.
Additionally, last week, the exchange integrated Eventus Systems, boosting its trade surveillance and Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) transaction capabilities. The chief compliance officer was also appointed following the legal troubles.
“We welcome 100x Group’s move to integrate World-Check One into their own compliance processes as they look to further develop their KYC programme,” Phil Cotter, Managing Director for Risk at Refinitiv, said.
“World-Check’s data has been used by financial institutions for close to 20 years, and we look forward to contributing this data and experience to the benefit of 100x Group and its customers.”
BitMEX, a leading yet controversial crypto derivatives platform, has further strengthened its compliance measures by adding Refinitiv’s World-Check One tools, the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term announced on Thursday.
The newly added Refinitiv’s tool will allow the Seychelles-registered exchange to monitor for sanctions, financial crime, bribery, and corruption risks more 'efficiently and effectively'.
“We are evolving our compliance and KYC systems to manage any illicit funds risk by incorporating the most trusted screening information into our current processes,” Malcolm Wright, the Chief Compliance Officer at BitMEX-parent 100x Group, said.
“Compliance can never stand still, and our inclusion of World-Check One is an important step towards meeting the highest global standards of financial integrity.”
Legal Troubles in the United States
BitMEX is now focused on boosting its compliance measures following the twin lawsuits slapped by the US prosecutors against the exchange and its co-founders for violating several compliances in the country.
Though BitMEX denied the allegations of all the charges brought against it, the co-founders resigned from all management positions and at least one of them was arrested who is now out on bail.
Additionally, last week, the exchange integrated Eventus Systems, boosting its trade surveillance and Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) transaction capabilities. The chief compliance officer was also appointed following the legal troubles.
“We welcome 100x Group’s move to integrate World-Check One into their own compliance processes as they look to further develop their KYC programme,” Phil Cotter, Managing Director for Risk at Refinitiv, said.
“World-Check’s data has been used by financial institutions for close to 20 years, and we look forward to contributing this data and experience to the benefit of 100x Group and its customers.”