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Willy Woo analyst discusses the future of bitcoin following the charges against the BitMEX exchange

Willy Woo analyst discusses the future of bitcoin following the charges against the BitMEX exchange

Quick take

1 minute read

  • Willy Woo has recently given his opinion on bitcoin in spite of its lacklustre market price and the charges brought against the BitMEX exchange towards the end of last week by the CFTC for the executives of the company violating the United States banks secrecy act. 
  • Interestingly, the analyst highlighted that no traders will lose their coins and futures exchanges will clean up their practices from now on.

Willy Woo, one of the more prominent analysts within the crypto space, has recently given his opinion/prediction on bitcoin in spite of its lacklustre market price and the charges brought against the BitMEX exchange towards the end of last week by the CFTC for the executives of the company violating the United States banks secrecy act. Interestingly, the analyst highlighted that no traders will lose their coins and futures exchanges will clean up their practices from now on.

The commodity futures trading commission made a civil charge lawsuit against the platform at the end of last week on Thursday. The claims come saying that the exchange is operating illegally as well as supporting money-laundering by failing to integrate the needed procedures and protocols for an exchange of such stature.

For those that don’t know, the bank secrecy act in the United States means that strict integration of anti-money-laundering regulations is needed for an exchange like BitMEX. This includes things like identity verification and reporting suspicious activities during transactions.

The Twitter analyst goes on to say that the leading cryptocurrency is going to surely recover from this hit. This comes as evidenced in significant trends that indicate an influx to the uses of bitcoin. On top of this, there is a clear sign of reducing the volatility and in a nutshell, Willy is very confident that the flagship cryptocurrency will bounce back in the future.

For more news on this and other crypto updates, keep it with CryptoDaily!

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