Eighteen months after the charges against the digital assets derivatives platform, BitMex, the date for its money laundering case has been set for March next year. BitMEX, facing many legal challenges, is now waiting to appear in court on March 28, 2022, and face money laundering charges.
In 2020, the company came under the radar of the federal regulators, which eventually roiled the market. Among those under scrutiny include several former and current officials of BitMEX. Moreover, the company’s business development head is also facing allegations; however, he has yet to appear before the court.
Earlier in April, the former executive officer of BitMEX Arthur Hayes surrendered to the government officials. The Justice Department and Commodity Future Trading Commission accused Hayes and other officials of violating anti-money laundering, Bank secrecy, and consumer information laws.
BitMEX is registered in Seychelles, and reportedly, Hayes once stated that it was quite easy to bribe people in the country. On top of it, the company has also been accused of unregistered trading and manipulating the market.
Before the charges against the platform, the company was often viewed as the world’s top derivative provider. However, after it came under the radar of regulators, many users fled the platform, and it became a small player in the sector.
Although the crypto firm has renewed its KYC demands, it is yet to show any progress on AML regulations for American traders – the main allegation against it. On top of it, it signed an agreement with Eventus Systems and Chainalysis to curb illicit activities.