CFTC charges cost BitMEX over 50,000 bitcoins

CFTC charges cost BitMEX over 50,000 bitcoins

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Contents

CFTC charges cost BitMEX over 50,000 bitcoins
CONTENT

  • Conflict between CFTC and BitMEX cost the exchange half a billion dollars

  • Open interest in perpetual bitcoin futures contracts on BitMEX plummets by almost 24%

  • The exchange itself “strongly disagrees with the tough decision”.

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BitMEX Lost Over Half A Billion Dollars After CFTC Formally Alleged Marketplace Management

Bitcoin reserves on the BitMEX cryptocurrency exchange have plummeted due to accusations from the Commodity Futures Trading Commission (CFTC). According to the indicators of the balance of the bitcoin wallet BitMEX, since the beginning of October, the exchange has lost more than 50 thousand BTC (at the current rate of ~ $ 545 million), reaching a two-year low.

CFTC charges cost BitMEX over 50,000 bitcoins

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Source: cryptoquant.com

The sharp decline in the bitcoin balance began almost immediately after the CFTC allegations against the BitMEX management, which, according to the regulator, does not sufficiently combat money laundering, and also illegally conducts business.

Searching for the ark

The accusations by the CFTC affected not only the balance of the exchange, but also the trading activity. According to the analytical service Glassnode, open interest in perpetual bitcoin futures contracts on BitMEX also significantly decreased from $ 590 million to $ 450 million (-23.7%) to the level of May 2020..

Source: glassnode.com

It is noteworthy that against the background of a possible criminal prosecution of the head of BitMEX, almost 30% of 50 thousand BTC was transferred to the regulated crypto exchange Gemini and Binance. On the daily chart, Bitcoin remains up 0.65%. The price of BTC / USDT at the time of writing is $ 10,686. 

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BitMEX itself has already stated that it “strongly disagrees with the tough decision of the US government”:

CFTC charges cost BitMEX over 50,000 bitcoins

“From our early days as a startup, we have always strived to comply with applicable US laws as these laws were understood at the time and based on the best practices available.”.

For the first time, BitMEX was publicly accused of market manipulation and operating without a license in the US in the summer of 2020. Then the company Bitcoin Manipulation Abatement (BMA) went to court with a request to oblige BitMEX to save thousands of incriminating records on the Twilio email service..

The company claims that without a court order, BitMEX can remove all evidence of illegal activity.

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