BitMEX Strengthens Trade Surveillance Tapping Eventus

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Crypto derivatives platform, BitMEX announced on Thursday its partnership with Eventus Systems, thus boosting its trade surveillance and anti-money laundering (AML) transaction capabilities.

The exchange will integrate the Eventus Validus technology into its existing trade surveillance and AML processes.

“The selection of Eventus to support our critical trade surveillance and AML functions is an important part of our plans to mature our compliance capabilities, with a vision of leading the industry on best practice crypto-asset compliance,” Malcolm Wright, the Chief Compliance Officer at BitMEX-parent 100x Group, said.

BitMEX Facing Lawsuits for Compliance Violations

This move by BitMEX came as the exchange is facing a lawsuit in the United States for violating multiple local compliances, including lapses in KYC and AML procedures. 

The Co-founders of the exchange are additionally facing a criminal lawsuit in the country. One of its Co-founders was also arrested and now out on bail.

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The Seychelles-registered exchange now seems to strengthen its compliance infrastructure and processes. Wright himself was appointed after the blow to the exchange by the US prosecutors.

Eventus’ solutions will help the exchange to improve its screening process and proactively monitor suspicious trading activities. Other exchanges, including Gemini, are also using Eventus’ services.

“Eventus has extensive expertise and experience not only with digital asset exchanges but also within the traditional financial sector. Choosing Eventus is part of our ongoing commitment to achieve this vision as we execute signature initiatives like our User Verification Programme,” Wright added.

“BitMEX has taken a variety of important steps over the past year to enhance its commitment to market integrity. We’re pleased to play a critical role in helping the exchange bolster its AML and surveillance capabilities through our robust, efficient Validus platform,” Eventus Systems CEO, Travis Schwab said.



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