BitMEX Strengthens Trade Surveillance Tapping Eventus
- The exchange is facing a twin lawsuit for compliance violations in the US.
Crypto derivatives platform, BitMEX announced on Thursday its partnership with Eventus Systems, thus 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 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 will integrate the Eventus Validus technology into its existing trade surveillance and AML processes.
“The selection of Eventus to support our critical trade surveillance and AML functions is an important part of our plans to mature our compliance capabilities, with a vision of leading the industry on best practice crypto-asset compliance,” Malcolm Wright, the Chief Compliance Officer at BitMEX-parent 100x Group, said.
BitMEX Facing Lawsuits for Compliance Violations
This move by BitMEX came as the exchange is facing a lawsuit in the United States for violating multiple local compliances, including lapses in KYC and AML procedures.
The Co-founders of the exchange are additionally facing a criminal lawsuit in the country. One of its Co-founders was also arrested and now out on bail.
The Seychelles-registered exchange now seems to strengthen its compliance infrastructure and processes. Wright himself was appointed after the blow to the exchange by the US prosecutors.
Eventus’ solutions will help the exchange to improve its screening process and proactively monitor suspicious trading activities. Other exchanges, including Gemini, are also using Eventus’ services.
“Eventus has extensive expertise and experience not only with digital asset exchanges but also within the traditional financial sector. Choosing Eventus is part of our ongoing commitment to achieve this vision as we execute signature initiatives like our User Verification Programme,” Wright added.
“BitMEX has taken a variety of important steps over the past year to enhance its commitment to market integrity. We’re pleased to play a critical role in helping the exchange bolster its AML and surveillance capabilities through our robust, efficient Validus platform,” Eventus Systems CEO, Travis Schwab said.
Crypto derivatives platform, BitMEX announced on Thursday its partnership with Eventus Systems, thus 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 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 will integrate the Eventus Validus technology into its existing trade surveillance and AML processes.
“The selection of Eventus to support our critical trade surveillance and AML functions is an important part of our plans to mature our compliance capabilities, with a vision of leading the industry on best practice crypto-asset compliance,” Malcolm Wright, the Chief Compliance Officer at BitMEX-parent 100x Group, said.
BitMEX Facing Lawsuits for Compliance Violations
This move by BitMEX came as the exchange is facing a lawsuit in the United States for violating multiple local compliances, including lapses in KYC and AML procedures.
The Co-founders of the exchange are additionally facing a criminal lawsuit in the country. One of its Co-founders was also arrested and now out on bail.
The Seychelles-registered exchange now seems to strengthen its compliance infrastructure and processes. Wright himself was appointed after the blow to the exchange by the US prosecutors.
Eventus’ solutions will help the exchange to improve its screening process and proactively monitor suspicious trading activities. Other exchanges, including Gemini, are also using Eventus’ services.
“Eventus has extensive expertise and experience not only with digital asset exchanges but also within the traditional financial sector. Choosing Eventus is part of our ongoing commitment to achieve this vision as we execute signature initiatives like our User Verification Programme,” Wright added.
“BitMEX has taken a variety of important steps over the past year to enhance its commitment to market integrity. We’re pleased to play a critical role in helping the exchange bolster its AML and surveillance capabilities through our robust, efficient Validus platform,” Eventus Systems CEO, Travis Schwab said.