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Chief Executive of BitMEX Is Facing Criminal Charges

Chief executive Arthur Hayes and three co-owners of world leading derivative trading platform, have been charged by U.S. Commodity Futures Trading Commission and Department of Justice, accusing them of allowing the Hong Kong-based company to launder money and facilitating other illegal transactions.


Prior to starting BitMEX in 2014, Arthur Hayes was an equity and derivatives trader for Citi and Deutsche Bank.

BitMEX is not the only crypto company which has been suspected for criminal activities, however, this is the biggest one. According to CFTC, BitMEX failed to comply with AML (Anti-Money Laundering) and KYC (Know Your Client) regulations.


On the contrary, BitMEX has responded accordingly:


“We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously,” the statement said. “From our early days as a start-up, we have always sought to comply with applicable U.S. laws, as those laws were understood at the time and based on available guidance.”


As the news hit the media and public, the crypto market tumbled, Bitcoin price dropping from $10,920 to $10,430.


What do you think, is the CFTC correct or is BitMEX accused unfairly? Comment down below.


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