Cryptocurrency derivatives exchange, BitMEX, has
received regulatory approval and registration from Italy’s Organismo Agenti e Mediatori (OAM)
to operate as a virtual currencies and digital wallet services provider in the country.
The OAM supervises the operations of cryptocurrency companies in Italy.
“This registration permits BitMEX to offer a
suite of spot trading products and services to Italian customers in compliance
with local regulations,” BitMEX announced on
Monday.
In January, the Italian Ministry of Economy and
Finance introduced a policy that mandated cryptocurrency service providers in
the country to get registered and run a physical local subsidiary.
The policy also required them to comply with the
country’s anti-money laundering provisions.
BitMEX in a statement announcing the development noted that the registration proved 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 a major step forward in our European expansion.”
“This is a major step in our regulatory journey
as we seek to become regulated in key jurisdictions around the world,
validating that we are operating in line with Italian anti-money laundering
regulatory requirements,” Alexander Höptner, CEO of BitMEX, said.
Meanwhile, the cryptocurrency derivatives exchange disclosed that the Swiss Financial Services Association, a self-regulatory body, recently approved the
membership of BXM Link AG, operator of its all-hour
brokerage for Bitcoin traders, BitMEX Link.
BitMEX also recently launched a
spot crypto exchange
with support for seven cryptocurrency pairs including Bitcoin and Ethereum.
Struggle with Regulators
Over the past months, BitMEX, which was
launched in 2014, has been having a hard time with regulators in the United
States.
In May, a New York court ordered the three
Co-Funders of the platform, Arthur Hayes, Benjamin Delo and Samuel Reed, to pay $10
million each for violating the US
Commodity Exchange Act and regulations of the US Commodity Futures Trading
Commission (CFTC).
Earlier, the co-founders pled guilty to
violating the US Bank Secrecy Act
by breaching anti-money laundering provisions of the country.
This followed actions by the…
