Cryptocurrency Q&A
What did BitMEX do?
What did BitMEX do?
SamsungSpark
Fri Sep 06 2024
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7 answers
1593
Could you elaborate on the actions taken by BitMEX? I'm curious to understand the specifics of their conduct and any potential consequences or impact on the cryptocurrency market. It seems like a significant event in the industry, and I'd like to have a clearer picture of what exactly transpired.
7 answers
CryptoBaron
Sun Sep 08 2024
This anonymity feature was advertised by BitMEX as a selling point, appealing to retail customers who wished to trade without undergoing real-name verification.
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DigitalDynasty
Sun Sep 08 2024
However, this approach posed significant risks, as it facilitated the potential for money laundering, terrorist financing, and other illicit activities.
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SeoulSoul
Sun Sep 08 2024
The Department of Justice (DOJ) took notice of these practices and alleged that BitMEX had violated BSA/AML regulations by allowing such anonymous trading.
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SamsungShineBrightnessRadiance
Sun Sep 08 2024
Prior to September 2020, BitMEX had been operating under lax BSA/AML standards, which are critical in ensuring the legitimacy and security of cryptocurrency transactions.
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CryptoQueen
Sun Sep 08 2024
This lack of rigorous standards allowed customers to register and trade cryptocurrency anonymously, without the need to provide any identifying information or documentation.
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