BitMEX, the cryptocurrency derivatives exchange, announced a partnership with Eventus Systems, which develops solutions to prevent market manipulation and ensure compliance with anti-money-laundering (AML) rules.
We’ve bolstered our anti money laundering and trade surveillance monitoring through our partnership with @EventusSystems. More here: https://t.co/bOjEEQkQcM
— BitMEX (@BitMEX) November 12, 2020
BitMEX shortened the three-month timeframes for mandatory verification for all customer categories. The exchange introduced the new verification program in August. Users must confirm their residential address and provide identity documents, take a selfie, and answer a number of questions about the origin of funds and trading experience.
BitMEX expects that integrating Eventus’ Validus product will enable more effective identification of bad actors and bolster proactive monitoring of suspicious trading activity on the platform.
Travis Schwab, head of Eventus Systems, emphasized that the company has devoted substantial resources to refining technology designed for large market operators.
Malcolm Wright, Director of Regulatory Compliance at 100x Group, said that Eventus Systems tools will enable the exchange to take a leading position in regulatory compliance. Among the partner’s clients are Coinbase and ErisX.
In October BitMEX filed a lawsuit against BitMEX and its owners, accusing them of operating an unregistered trading platform and violating KYC/AML procedures. In addition, the U.S. Department of Justice charged the exchange’s leadership with violations of the Bank Secrecy Act.
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