This new tool will allow the exchange’s compliance team to monitor for sanctions, financial crime, bribery, and corruption risks more efficiently and effectively. The announcement noted that this was put in place to ensure that BitMEX meets the stringent compliance standards, which has been the highlight after the recent row of lawsuits against it.
The Chief Compliance Officer at BitMEX’s parent company 100x, Malcolm Wright said:
“We are evolving our compliance and KYC systems to manage any illicit funds risk by incorporating the most trusted screening information into our current processes. “
Wright further added the ever-changing compliance and with the addition of World-Check One marked an important step towards “meeting the highest global standards of financial integrity.”
Despite the efforts to comply with the regulations, BitMEX has remained in hot waters. Following the double lawsuits by the US prosecutors against the exchange and its co-founders, a fresh lawsuit has been filed against the founders by a resident in Romania.
According to reports, the lawsuit was filed by Păun Gabriel-Razvan, a resident of Bucuresti, Romania, on Friday. He alleged that HDR Global Trading Limited, the operator of BitMEX, the exchange’s founders Arthur Hayes, Ben Delo, and Samuel Reed, and others, engaged in and facilitated racketeering activities, “earning Defendants billions of dollars in illicit profits.”
With these on-going lawsuits, BitMEX has to pay special attention to compliance and meet every regulatory requirement, to be able to tackle any further claims.