BitMEX Launches Multi-User Login, Enhanced Features for Corporate Customers

Corporate accounts can be owned and operated by any legal entity that is not an individual, BitMEX says.

Cryptocurrency derivatives exchange BitMEX has announced the launch of special services for its corporate customers. According to a June 22nd announcement on the exchange’s support page, the services will include enhanced security and customer service, as well as auditing and accounting features.

The announcement defines “corporate accounts” as “the part of our customer base where the account owner is not an individual,” but rather any “company or other legal entity, and as such need different ownership structures for their accounts, ways for employees to access and manage those accounts on their behalf, additional security requirements, and so on.”

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Corporate customers will also have early access to BitMEX’s “Early Access” program, which allows users to access “ongoing product and service enhancements.” Later in 2020, some of these “enhancements” will include “Sub-Account and Inter-Account Instant transfer” features, as well as the ability to have multiple users of an account logged in at once.

After months of controversy, a step toward recovery for BitMEX?

The introduction of the corporate accounts feature could bring a boost for BitMEX, which has been the center of some negative attention over the past several months.

On March 13th, as the price of Bitcoin was in freefall, BitMEX suddenly went offline for a period of nearly 25 minutes. BitMEX later explained that the outage was due to a Distributed Denial of Service (DDoS) attack.

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“On March 13th, during a peak moment of market volatility, the botnet overwhelmed the platform via a specially-crafted query to the Trollbox feature, prompting the database’s query optimizer to run an extremely inefficient query plan,” the exchange’s post-mortem report of the event explained.

Still, the exchange is said to have lost a number of its users to other derivatives exchanges following the outage.

BitMEX and its executive team were also the targets of a lawsuit in May by a company known as BMA LLC, which accused the exchange of engaging in or abetting crimes such as racketeering, money laundering, wire fraud, and unlicensed money transmission.

At the time that the lawsuit was filed, a spokesperson from BitMEX told Finance Magnates that the exchange was aware of the lawsuit and was preparing to fight it in the court.

“Having reviewed a draft version of their complaint, which is clearly rehashed from information culled from the internet, we confirm we will be defending ourselves vigorously against this spurious claim,” the spokesperson stated.

“BMA has recently emerged as a serial filer of claims against companies operating in the cryptocurrency space, and is widely recognized for operating just like a patent troll. We will deal with this complaint through a normal litigation process and are entirely confident the court will see the claim for what it is.”

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