The popular BitMEX exchange faces serious allegations of money laundering of $3 billion

The popular BitMEX exchange faces serious allegations of money laundering of $3 billion

A lawsuit was filed against HDR Global Trading Limited (A.K.A. BitMEX) by BMA LLC, the court document contains 106 pages where it is described what illegal activities the company should have committed.

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19 May 2020 , 11:38 @ Katie Müller

The popular BitMEX exchange faces serious allegations of money laundering of $3 billion

A lawsuit was filed against HDR Global Trading Limited (A.K.A. BitMEX) by BMA LLC, the court document contains 106 pages where it is described what illegal activities the company should have committed.

The illegal activities were to involve money laundering of up to $ 3 billion as well market manipulation, which was ultimately to mean high but illegal profits for the owners.

The official file states:

Defendants were unquestionably on notice of the need to obtain a moneytransmission license in the United States, which Defendants willfully and deliberately failed todo.

Therefore, according to Defendants’ own data, Defendants’ unlicensed money transmitting business admittedly processed, on average, $3 billion of illegal and unlicensed money transferseach day, all in violation of United States federal statute 18 U.S.C. § 1960(a), which is the recordvolume for such unlawful activity in the entire history of the monetary regulation in the UnitedStates.

HDR spokesperson said for The Block:

We’re aware of a complaint filed by ‘BMA LLC’, formerly known as ‘Bitcoin Manipulation Abatement, LLC’, in the US District Court for the Northern District of California. Having reviewed a draft version of their complaint, which is clearly rehashed from information culled from the internet, we confirm we will be defending ourselves vigorously against this spurious claim.

It will be interesting to follow this process, because BitMEX is still very popular exchange and has a number of active users.

About BitMEX

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. BitMEX is a P2P crypto-products trading platform.

BitMEX and the mobile apps issued under BMEX are wholly owned and operated by HDR Global Trading Limited, a Republic of Seychelles incorporated entity or its relevant authorised affiliates.

Official complaint

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