BitMEX has had a very interesting run, as of late. While one of the leading crypto derivative platforms out there, it has received a lot of controversy in recent times. Now, however, the exchange is working towards rectifying a few of its problems, strengthening its compliance measures. The latest move in this endeavor, as announced on Thursday, is the integration of The World-Check One tools from Refinitiv.
Full Steam Ahead In Compliance Measures
The Seychelles-Registered exchange will now be capable of monitoring for financial crime, sanctions, corruption, and bribery risks with higher levels of effectiveness and efficiency. This is all thanks to the newly-added tool from Refinitiv.
Malcolm Wright stands as the Chief Compliance Officer at 100x Group, the parent of BitMEX. In a public statement, he highlighted how the company was evolving the KYC and compliance systems in order to manage the risks of illicit funds. He stated that the firm is now incorporating one of the most trusted screening information services into the current processes of the exchange.
A Lesson Harshly Learned
Wright went further, claiming that compliance can never remain static. He highlighted what an important step the inclusion of World-Check One is in order to meet the highest standards possible in global financial integrity.
BitMEX has been going full-priority in increasing its compliance measures ever since US prosecutors slapped the derivative exchange with two lawsuits. These lawsuits accused the exchange’s co-founders and the exchange itself of violating several compliance measures within the country.
As one would imagine, BitMEX has summarily denied all the charges leveled against it, but behind the scenes, things look eerie indeed. All the co-founders of the exchange had resigned from their management positions after the charges were brought in, and a minimum of one of these co-founders found themselves arrested, now on bail.
Piling On The Compliance Measures
Prior to its Refinitiv integration, the exchange integrated the Eventus system just last week. Eventus gave it a significant boost in anti-money laundering (AML) and trade surveillance capabilities.
Phil Cotter stands as the Managing Director of Risk at Refinitiv, and gave a public statement about the matter, as well. He stated that Refinitiv is eager for 100x Group’s integration of World-Check One into its compliance process, with the exchange trying to develop its KYC program even further.
Cotter highlighted that the data from World-Check had been leveraged for close to 20 years by various financial institutions. As such, he stated that his firm is eager to contribute this wealth of experience and data to benefit the exchange and its customers.