CFTC probing Crypto Derivatives Exchange BitMEX

The U.S. Commodity Futures Trading Commission (CFTC) is reportedly probing crypto derivatives exchange BitMEX to determine whether it broke rules by allowing U.S. traders on its platform.

According to a Bloomberg report on Friday, citing anonymous sources, the probe would be “months-long” to focus on the issue as BitMEX is not registered with the CFTC.

Roubini stated that as the exchange is based in the Seychelles, it has effectively removed itself from global regulatory bodies.

BitMEX strictly states in its terms of service that US citizens are not permitted to trade on the platform. This rule was enforced in November 2018 when well-known analyst Tone Vays had his trading account terminated.

However, questions have been raised by the likes of Roubini, who stated that BitMEX simply doesn’t do enough from a KYC and AML standpoint.

Currently, there are guides littered across the internet that teach users “how to use BitMEX in the United States”, with a number of customers using VPNs.

The story is under development.

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Posted from my blog with SteemPress : https://247cryptonews.com/cftc-probing-crypto-derivatives-exchange-bitmex/

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