Cryptocurrency derivatives exchange BitMEX has received regulatory approval and registration from Italy’s Organismo Agenti e Mediatori (OAM) to operate as a provider of virtual currencies and digital wallets in the country.
The OAM supervises the operations of crypto companies in Italy.
“This registration allows BitMEX to offer a series of trading products and services to Italian clients in compliance with local regulations,” BitMEX announced on Monday.
In January, the Italian Ministry of Economy and Finance introduced a policy that required cryptocurrency providers in the country to register and manage a physical local branch.
Moreover, the policy required them to comply with the anti-money laundering provisions of the country.
BitMEX in a statement announcing the development noted that the registration demonstrated its dedication to partnering with regulatory authorities to uphold standards that protect its users as well as the cryptocurrency industry.
It added that the registration “represents an important step forward in our European expansion.”
“This is an important step in our regulatory journey as we seek to become regulated in key jurisdictions around the world, confirming that we operate in compliance with Italian anti-money laundering regulatory requirements,” said Alexander Höptner, the CEO of BitMEX.
Meanwhile, the cryptocurrency derivatives exchange revealed that the Swiss Financial Services Association, a self-regulatory body, recently approved the membership of BXM Link AG, operator of its round-the-clock brokerage for Bitcoin traders, BitMEX Link.
In addition to that, BitMEX recently launched a spot crypto exchange with support for seven cryptocurrencies, including Bitcoin and Ethereum.
Struggle with Regulators
Over the past few months, BitMEX, which was launched in 2014, has run into trouble with regulators in the United States.
In May, a New York court ordered the platform’s three co-founders, Arthur Hayes, Benjamin Delo and Samuel Reed, to pay $10 million each for violating the U.S. Commodity Exchange Act and regulations of the U.S. Futures Trading Commission (CFTC). ). .
Earlier, the co-founders pleaded guilty to violating the US Bank Secrecy Act by violating the country’s anti-money laundering provisions.
This followed actions by the derivatives market regulator CFTC and prosecution by the US Attorney for the Southern District of New York.
In August last year, the exchange agreed to pay $100 million to the CFTC and the US Financial Crimes Enforcement Network (FinCEN) in connection with enforcement investigations by both agencies.
BitMEX officially withdrew its services from the United States in September 2015, but prosecutors said the exchange did not effectively block American customers from accessing its trading services.
Cryptocurrency derivatives exchange BitMEX has received regulatory approval and registration from Italy’s Organismo Agenti e Mediatori (OAM) to operate as a provider of virtual currencies and digital wallets in the country.
The OAM supervises the operations of crypto companies in Italy.
“This registration allows BitMEX to offer a series of trading products and services to Italian clients in compliance with local regulations,” BitMEX announced on Monday.
In January, the Italian Ministry of Economy and Finance introduced a policy that required cryptocurrency providers in the country to register and manage a physical local branch.
Moreover, the policy required them to comply with the anti-money laundering provisions of the country.
BitMEX in a statement announcing the development noted that the registration demonstrated its dedication to partnering with regulatory authorities to uphold standards that protect its users as well as the cryptocurrency industry.
It added that the registration “represents an important step forward in our European expansion.”
“This is an important step in our regulatory journey as we seek to become regulated in key jurisdictions around the world, confirming that we operate in compliance with Italian anti-money laundering regulatory requirements,” said Alexander Höptner, the CEO of BitMEX.
Meanwhile, the cryptocurrency derivatives exchange revealed that the Swiss Financial Services Association, a self-regulatory body, recently approved the membership of BXM Link AG, operator of its round-the-clock brokerage for Bitcoin traders, BitMEX Link.
In addition to that, BitMEX recently launched a spot crypto exchange with support for seven cryptocurrencies, including Bitcoin and Ethereum.
Struggle with Regulators
Over the past few months, BitMEX, which was launched in 2014, has run into trouble with regulators in the United States.
In May, a New York court ordered the platform’s three co-founders, Arthur Hayes, Benjamin Delo and Samuel Reed, to pay $10 million each for violating the U.S. Commodity Exchange Act and regulations of the U.S. Futures Trading Commission (CFTC). ). .
Earlier, the co-founders pleaded guilty to violating the US Bank Secrecy Act by violating the country’s anti-money laundering provisions.
This followed actions by the derivatives market regulator CFTC and prosecution by the US Attorney for the Southern District of New York.
In August last year, the exchange agreed to pay $100 million to the CFTC and the US Financial Crimes Enforcement Network (FinCEN) in connection with enforcement investigations by both agencies.
BitMEX officially withdrew its services from the United States in September 2015, but prosecutors said the exchange did not effectively block American customers from accessing its trading services.
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