SEC Commissioner Hester Peirce: BitMEX case signals the entire bitcoin industry

The charges against the crypto-derivatives exchange BitMEX are a signal from U.S. authorities to the entire industry. This view was stated by SEC Commissioner Hester Peirce in a conversation with Unchained’s Laura Shin.

According to her, regulators wanted to show they were watching the space closely. They sent a ‘loud and clear message’ about the need to comply with user identification and anti-money-laundering requirements, Peirce said.

The commissioner doubted regulators would stop at BitMEX. She urged not to count on their loyalty, as even traditional financial firms face problems.

filed suit against BitMEX and its owners, accusing them of operating an unregistered trading platform and violating CFTC rules regarding KYC/AML procedures.

In addition, the U.S. Department of Justice charged the exchange’s executives with violations of the U.S. Bank Secrecy Act.

The police arrested the chief technology officer Reid that same day. On October 9, he was released on bail of $5 million.

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