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U.S. Commodities Watchdog Investigates Crypto Exchange BitMEX

By Yana Berman
July 18, 2019, 12:56 AM GMT
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    United States watchdog the Commodity Futures Trading Commission (CFTC) has allegedly launched an investigation of crypto exchange BitMEX activity in the country, Bloomberg’s reporter wrote on Friday, July 18.

    According to Tim Culpan, tech columnist for Bloomberg Opinion Asia, the CFTC wants to find out whether the U.S. customers are trading on a Seychelles-registered platform. As of press time, the details of the investigation were not disclosed.

    Trading on crypto derivatives platform BitMEX has been unavailable to the U.S. traders due to legal restrictions. However, local users might have used VPN to trade on the platform.

    Earlier in July, renowned crypto skeptic Nouriel Roubini slammed BitMEX for violating the U.S. law. In his report called “The Great Crypto Heist” he also claimed that the crypto exchange was involved in money laundering and terrorism financing.

    Also in July, President Donald Trump criticized cryptocurrencies, including Facebook’s much anticipated Libra, in a series of tweets. He claimed that digital currencies are based on “thin air” and can facilitate unlawful behavior.

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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