Crypto is changing, and BitMEX is changing with it

A message from Alexander Höptner, CEO of BitMEX

Today, we are happy to announce that we have reached a resolution with the CFTC and FinCEN. This marks a new chapter for BitMEX. 

I’m quoted in our company statement, but I think it’s worth adding some further perspective on why this is a tremendous step in the right direction for BitMEX and our users. 

Crypto is changing, and we’re changing with it. 

The speed of change in the crypto space is extraordinary, but amongst the seemingly constant blur of activity, we’re seeing real momentum building around three undeniable trends:

  • Crypto is sparking fundamental change that isn’t going away. This technology is having incredible benefits for financial freedom, economic empowerment, and investing. Just as NFTs are changing the art world, crypto will have a widespread positive impact in just about every industry imaginable, including intellectual property, real estate, health, and of course, financial markets. 

  • Crypto is becoming more inclusive. As our industry grows, we are starting to look more like the communities we serve. And crypto adoption worldwide shows no signs of slowing. We have a long way to go, but change is happening.

  • Most importantly, crypto is becoming more responsible. Comprehensive user verification, compliance, and robust anti-money laundering controls are a must have. Exchanges that don’t provide flawless security and platform performance are left behind. And firms that demonstrate a willingness to respect and collaborate with regulators earn the trust of users.

Here’s how we’re part of building momentum and developing in line with these trends:

We’re expanding our capabilities to serve a broader subset of users through establishing spot, custody, and brokerage capabilities, as well as information products and an academy. 

We’re hiring an increasingly more diverse employee base to help us achieve this, and setting the groundwork to invest in a more diverse crypto talent pipeline. 

And, most relevant to the news of the day, we’ve established industry standard user verification, compliance, and AML capabilities in a concerted effort since 2019. As I wrote earlier this month, we think that establishing KYC (with no KYC-free thresholds) – which is not the norm with our competitors – was one of the best decisions we’ve made for our long-term future. 

The future of crypto will belong to platforms that seek to be regulated in relevant jurisdictions and have responsible KYC and AML policies. As the largest crypto derivatives exchange with a fully verified user base, this is what BitMEX stands for. 

Putting this legal matter with the CFTC and FinCEN behind us will only accelerate our evolution, and puts us firmly on the right path.

We thank our users for coming on this journey with us. We look forward to serving you always, leading the way in advancing crypto responsibly, and making you proud.