U.S. Court Files Lawsuit Against BitMEX Crypto Derivatives Exchange

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A U.S. District Court has filed a lawsuit against controversial crypto derivatives exchange BitMEX.The plaintiff, BMA LLC, has accused BitMEX’s parent arm and operators of engaging in wire frauds, money laundering, and other illicit activities.The BitMEX team has posted no statements on the latest scandal.BitMEX has landed in yet another legal tussle.The U.S. District Court for the Northern District of Calfornia on Saturday filed a lawsuit against entities and individuals associated with the Seychelles crypto exchange. They include its parent company, HDR Global Trading Limited, and co-founders Arthur Hayes, Ben Delo, and Samuel Reed.Hayes and Reed also serve as BitMEX’s chief executive and chief technical officers, respectively.Allegations on BitMEXThe plaintiff is a little known BMA LLC that has accused BitMEX and its operators of facilitating “a myriad of illegal activities,” including fraudulent business dealings, wire frauds, money laundering, illegal fundraisings, market manipulation, and whatnot.The lawsuit also alleged that BitMEX illegally offered its high-risk trading services to U.S. citizens. It read that the exchange reported almost 15 percent of its trading volume from the U.S. regions in 2019. That amounts to about $138 billion worth of trades that BitMEX conducted without obtaining a money transmitting license in the U.S.“Therefore, according to Defendants’ own data, Defendants’ unlicensed money transmitting  business admittedly processed, on average, $3 billion of illegal and unlicensed money transfers each day,” the filing read.

Via: https://www.newsbtc.com

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