- Crypto derivatives exchange BitMEX is set to integrate financial markets data and infrastructure platform, Refinitiv, to improve its compliance standards.
BitMEX derivatives exchange adds the Refinitiv World-Check One to its suite of tools used by the exchange for its compliance procedures. Following a testing period earlier in the year with top executives charged with money laundering, racketeering, and market manipulation, BitMEX is turning a leaf in its compliance procedures.
We are enhancing our anti-financial crime capabilities with the addition of @Refinitiv World-Check One to the suite of tools we use as part of our compliance procedures. Read more here: https://t.co/atJBS4oCwT
— BitMEX (@BitMEX) November 19, 2020
In October, BEG announced the derivatives exchange requires every trader to be fully KYC compliant by November 5th to open new positions. Now, the exchange is tightening its compliance procedures with the integration of World-Check One from Refinitiv, a leading financial markets data, and infrastructure working with over 40,000+ institutions from over 190 countries.
The platform is set to enhance monitoring of transactions and ensure compliance in issues regarding “sanctions, financial crime, bribery, and corruption risks,” a BitMEX report reads. This is set to enhance users’ experience and trading efficiency on the platform in line with the highest compliance form.
Integrating Refinitiv offers the exchange one of the most efficient and trusted screening platforms to mitigate any risk of illicit funds going through the platform, Malcolm Wright, Chief Compliance Officer of 100x Group (holding company of BitMEX) said. He added,
“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.”