How to Trace a Bitcoin Transaction using a Bitcoin receiving address

Contents

BitMEX will start tracking blockchain transactions
CONTENT

  • BitMEX increases control over blockchain activity

  • The exchange plans to brand suspicious transactions

  • Previously, BitMEX was accused of insufficient fight against money laundering

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Cryptocurrency exchange BitMEX will start monitoring blockchain activity in collaboration with analytical service Chainalysis

Crypto exchange BitMEX will strengthen surveillance of blockchain activity with Know Your Transaction (KYT) tools from the analytical service Chainalysis.

BitMEX will start tracking blockchain transactions

The exchange announced this on its official blog..

BitMEX will start tracking blockchain transactions

It is reported that with the help of KYT, the exchange will be able to strengthen the fight against money laundering by identifying and flagging risky or suspicious blockchain activity..

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Malcolm Wright, Director of AML / KYC Compliance at 100x Group (parent company of BitMEX), said that the exchange recognizes the importance of its position in the cryptocurrency space, and therefore will strengthen “a comprehensive and flexible compliance function to identify intruders and illegal transactions.”.

Clearing reputation

BitMEX is working hard to rebuild its reputation following a high-profile incident surrounding the exchange’s former management. Recall that the former owners of the company, including its co-founder and CEO Arthur Hayes, were accused of violating several regulatory requirements at once..

In particular, in a statement published on the website of the Commodity Futures Trading Commission, it is said that the company operated an unregistered trading platform and did not provide the necessary measures to combat money laundering. Regulatory charges cost BitMEX more than 50 thousand withdrawn bitcoins (~ $ 1.7 billion at the current exchange rate).

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The scandal erupted to such an extent that the head of BitMEX Arthur Hayes, as well as co-founder and CTO of the exchange, Samuel Reid, left the company. Almost immediately after the departure of the former management, the company took a course to tighten regulation of the site together with a new Director of AML / KYC Compliance.

It is noteworthy that amid the accusations, Chainalysis warned its clients that BitMEX is considered a “high-risk exchange”, and any transactions on the site are “high-risk”.

BitMEX will start tracking blockchain transactions

The service stated that any operations on BitMEX will be considered high-risk, so customers should carefully consider whether to trade there..

Whether Chainalysis has changed its attitude towards BitMEX transactions remains unknown.

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