The Tangle in Taipei with Arthur Hayes and Nouriel Roubini


BitMEX aims to tighten ...

BitMEX Targets Regulation Tighter With New AML / KYC Chapter

  • The new head of BitMEX was responsible for tightening of cryptocurrency turnover at Diginex

  • The appointment takes place a couple of weeks after a high-profile incident around the exchange

  • BitMEX restrictions began before the CFTC scandal

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Cryptocurrency Exchange Hires New AML / KYC Compliance Director Following Bank Secrecy Law Scandal

BitMEX, a cryptocurrency derivatives exchange, caught in the middle of a bank secrecy law scandal, has hired a new head of anti-money laundering compliance. The exchange announced this in the official blog.

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According to the official announcement, Malcolm Wright will report directly to Acting Head of BitMEX Vivien Qu. We will remind, the former head of BitMEX Arthur Hayes left the exchange after accusations by the Commodity Futures Trading Commission (CFTC).

Prior to joining BitMEX, Wright served as AML / KYC Compliance Chief at Fintech startup Revolut and crypto exchange Diginex. BitMEX’s New AML / KYC Chapter Known for Strong Crypto Regulation.

BitMEX aims to tighten ...

Working at Diginex, Wright took an active part in the formation of new methods for controlling the turnover of digital assets.

In an interview with Decrypt in early 2020, Wright announced the creation of new industry regulation protocols. According to the new standards, the withdrawal of cryptocurrencies from exchanges must be accompanied by a full description of the purpose of the operation, as well as comprehensive data about the recipient himself. At the same time, Wright proposed to introduce restrictions on the withdrawal of cryptocurrencies only to verified wallets.. 

Reverse effect

A similar development model for crypto-exchanges was described at the end of August by the co-founder of the BlockTower cryptocurrency hedge fund Ari Paul. At the same time, the head of BlockTower believes that the tightening of the turnover of digital assets may lead to the fact that many crypto communities will again go into the shadows, as it was in 2017. Wright also advocated the creation of third parties responsible for processing the personal information of exchange clients..

BitMEX aims to tighten ...

However, it was not possible to reach a single solution..

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It is worth noting that the tightening of regulation on BitMEX began even before the incident itself. At the end of April, for example, BitMEX announced a ban on the use of its platform for all Japanese citizens due to amendments to the Law on Financial Instruments and Exchanges, as well as the Act on Payment Services.In mid-August, the exchange introduced mandatory verification for all new customers..

We will remind, the scandal around BitMEX led to the fact that the analytical blockchain company Chainalysis classified all transactions on the exchange as “high-risk”.

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BitMEX aims to tighten ...

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