BitMEX charged by CFTC for operating illegally under an unregistered trading exchange

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• The commodity futures trading commission in the United States has just charged the owners of the BitMEX crypto platform for operating an unregistered trading exchange as well as violating numerous regulations against the CFTC.

• According to the newly filed lawsuit, three people have been charged including co-founders Arthur Hayes and Samuel Reed, CEO and CTO respectively. 

The commodity futures trading commission in the United States has just charged the owners of the BitMEX crypto platform for operating an unregistered trading exchange as well as violating numerous regulations against the CFTC.

According to the newly filed lawsuit, three people have been charged including co-founders Arthur Hayes and Samuel Reed, CEO and CTO respectively. The third co-founder of the exchange, Ben Delo was also charged in the lawsuit.

As one of the biggest crypto networks in the world, the exchange is currently in a tough spot after the CFTC has sent a lawsuit against it.

The commission has announced that the civil enforcement action lawsuit will charge the aforementioned three individuals and five entities that own and operate the trading platform itself. The five entities include “HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited (BitMEX).”

The commission also goes on to claim that The exchange received more than $11 billion when it came to bitcoin deposits and made more than $1 billion in fees. 

The director of the division of enforcement, James McDonald said the following:

“Effective anti-money laundering procedures are among the fundamental requirements of intermediaries in the derivatives markets, whether in traditional products or in the growing digital asset market. This action shows the CFTC will continue to work vigilantly to protect the integrity of these markets.”

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