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3 years ago

BitMEX To Enhance Its Trade Surveillance and AML Capabilities Following CFTC Fiasco

Jordan Lyanchev Nov 12, 2020 15:06
Over a month after the owners of BiMEX were charged with anti-money laundering violations, the exchange has partnered with Eventus Systems to enhance its surveillance and AML transaction capabilities.
  • The popular Bitcoin derivatives exchange BitMEX has taken a step towards improving its trade surveillance and AML efficiency endeavors by collaborating with Eventus Systems.
  • Founded in 2013, Eventus is a global provider of multi-asset trade surveillance and market risk solutions. 
  • BitMEX will integrate the cloud-based version of the Eventus Validus platform with its already existing processes in the upcoming weeks. As a result, the exchange will “be able to more efficiently screen out bad actors and increase proactive monitoring for unauthorized trading activity on the BitMEX platform.”
  • Malcolm Wright, who was recently appointed as the new Chief Compliance Officer of the 100x Group, said that this is an essential step for the exchange to “mature our compliance capabilities.” He highlighted Eventus’s substantial experience in the field as the main reason for choosing its services. 
  • Eventus Systems CEO Travis Schwab noted that his company had been primarily focused on the traditional finance field until recently. However, they have invested “considerable resources in the past year to add functionality to support major digital asset market operators.” He believes that BitMEX is on the right path towards bolstering its AML and surveillance efforts. 
  • This partnership appears to be a direct response to the recent controversy at BitMEX. Last month, the US CFTC charged the owners for illegally operating a crypto derivatives exchange and, coincidently, anti-money laundering violations. 
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Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

Tags: BitMEXCFTC

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