The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    2a03:2880:f800:17::

    Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering

    Money Laundering News

    Arthur Hayes, Benjamin, Delo, and Samuel Reed – the co-founders of BitMEX charged for violating the US money laundering laws, which resulted in a significant decrease in their Bitcoin price.

    The three were indicted in New York where federal prosecutors claim that the company served American clients, but defied the banking laws in the US. Hayes stated that they incorporated exchanges in Seychelles because bribing the authorities was not a problem there. According to the indictment revealed on Thursday, the bribe was just the cost of coconut.

    The company enabled investors to leverage their bets by a factor of 100 which became the reason for its fame. The largest cryptocurrency, Bitcoin, fell by 2.4 percent to $10,450 after the charges were announced.

    On the other hand, the spokesperson of BitMEX strongly disagrees with the charges and claims that they have been complying with US laws since day 1. BitMEX is never in a loss since it matches the buyers and sellers of the future. Hence, Hayes always makes profits no matter which way crypto moves.

    Arthur aggressively promoted BitMEX on different television shows and in 2018, the company rented three Lamborghinis for a Bitcoin conference in Manhattan. It was success near Hayes after the media coverage he received.

    All founders have been charged for conspiring to violate the Bank Secrecy Act and violating the act. Both charges carry a maximum of five years of imprisonment. Head of Business Development, Gregory Dwyer, is also facing the same charges.

    BitMEX has been the global cryptocurrency market leader for months and now, it is number two. CFTC registration is mandatory to serve US clients and ensure that the platform is not used for any illegal purposes like money laundering. The prosecution says that the founders chose to go against the laws.

    Visit Protect Your Bitcoin Business With KYC Compliance for more information.

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started