As we learned, BitMEX is a leading cryptocurrency derivatives exchange that is doing exchange services.
The company is doing a cryptocurrency exchange service, and people wish to get into the services well.
However, now the company is facing a big issue, and the federal government filed a complaint against this company.
It must be a criminal charge applied on Thursday against this world-leading company.
People were shocked by hearing this news and disrupt a key component in the global cryptocurrency market.
Within two hours of charges, bitcoin drops down more than 3%. Four of its executives also found criminal charges on this company.
Based on New York federal prosecutors, criminal charges against BitMEX CEO Arthur Hayes and Co-founder will face the consequence and penalty.
So, the complaint tells about the company’s criminal charges using transaction violations and unregistered platforms.
File a Complaint on Transaction Violations
On the other hand, the civil charges on the BitMEX affiliate entities set out with commodity features.
They targeted trading commissions and operated an unregistered platform. It is the biggest issue for them, and now they face criminal charges against this company.
They failed to implement anti-money laundering controls is depending on identities. So, it comes under fraud activities and a crime against this company.
The government similarly alleged to give executives that had failed to establish anti-money laundering practices.
They collect identity executives and information gathered on suspicious transactions under the bank secrecy act. Of course, the charges are punishable and last up to five years in prison.
Making Charges Against the Company
Hayes and Delo did not respond to the charges, and they never failed to accept the criminal charges against them.
Depend on Dwyer’s lawyer’s statement, and the earlier leaders may complain and immediately respond to a request.
A commodity civil lawsuit has to charge with U.S. commodity derivatives business within the mercantile exchange.
It strongly recommends finding out heavy-handed decisions in making charges against the company.
But, it strongly disagrees with the U.S. government decisions. BitMEX Company should face the consequence, and the client will contest the authorities as well.
Also, lawyers for other individual defendants should not be identified clearly.
Handle Nearly $1 Billion
Furthermore, the BitMEX CEO Hayes stepped back from all executive management responsibilities in past days.
So, they would not hold executive positions till now and take leave of absence in a record. It must undergo the best solution and head of business development.
Based on Chief operating officer Vivien Khoo, he took over as chief executive in the last decades. The statement is not valid and cannot be true as per the decision.
It made full approval of the founders in changing focus on business by offering superior power. Registration requirements of intermediaries could not be possible in the derivative markets.
Now, BitMEX has handled nearly more than $1.5 billion of trades each day based on recent reports.
They might get into pushing the limits in finding out the unregulated cryptocurrency industry.
Increase trading volume
An indictment filed in Manhattan federal court signifies the obligation depends on an anti-money laundering program.
Based on customer requirements, they knew BitMEX served U.S. customers but facing criminal charges now.
Based on the verification checks, it assumed to get money exchange and failed to register the platform.
In this complaint, CFTC recently reported that BitMEX collected more than $1 billion in trading fees.
They alleged to know its trading volume and profits in the U.S., despite of checking the values and other international crypto currency exchanges. Americans cannot legally use it.
They could have been blocked from registering.
Charged on BitMEX Operations
We strongly believed that the U.S. government made a difficult decision against this company.
The criminal charges would be double, and the CEO has to face the consequences and go to jail. Based on the U.S. attorney, it has application regulations and requirements to manage well.
It helped BitMEX establish an international business that operates with the highest integrity. It is strongly believed to file contest these charges as well.
Some of them are targeting money laundering violations depending on criminal and civil actions in 2017.
As per the crypto currency analyst and investor, it has been charged that BitMEX operations and the fund would be blocked soon.
Accounts have been frozen and create a huge disruption in the global crypto currency market.
Till now, BitMEX holds roughly $1 billion worth of bitcoin in the total supply. Of course, BitMEX itself did money laundering and transaction violations.
They claim to use launder to get in crypto currency hack, and customers will reach out alleged crimes against the company.
The U.S. federal government never fails to charge a file against this company. Also, commodity features would field separate civil complaints against the U.S. commodity derivatives business.
BitMEX is short, and bitcoin mercantile exchange has been defending itself on allegations.
Therefore, this news is spreading faster, and people could not believe that this top notch bitcoin exchange company is facing criminal charges.
