BitMEX, a leading yet controversial crypto derivatives platform, has further strengthened its compliance measures by adding Refinitiv’s World-Check One tools, the exchange announced on Thursday.
The newly added Refinitiv’s tool will allow the Seychelles-registered exchange to monitor for sanctions, financial crime, bribery, and corruption risks more “efficiently and effectively.”
“We are evolving our compliance and KYC systems to manage any illicit funds risk by incorporating the most trusted screening information into our current processes,” Malcolm Wright, the chief compliance officer at BitMEX-parent 100x Group, said.
“Compliance can never stand still, and our inclusion of World-Check One is an important step towards meeting the highest global standards of financial integrity.”
Legal Troubles in the United States
BitMEX is now focused on boosting its compliance measures following the twin lawsuits slapped by the US prosecutors against the exchange and its co-founders for violating several compliances in the country.
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Though BitMEX denied the allegations of all the charges brought against it, the co-founders resigned from all management positions and at least one of them was also arrested who is now out on bail.
Last week, the exchange also integrated Eventus Systems, boosting its trade surveillance and anti-money laundering (AML) transaction capabilities. The chief compliance officer was also appointed following the legal troubles.
“We welcome 100x Group’s move to integrate World-Check One into their own compliance processes as they look to further develop their KYC programme,” Phil Cotter, managing director for risk at Refinitiv, said.
“World-Check’s data has been used by financial institutions for close to 20 years and we look forward to contributing this data and experience to the benefit of 100x Group and its customers.”