BitMEX Partners With Chainalysis to Enhance KYC/AML Compliance On The Exchange

The crypto derivatives exchange extends its partnership with crypto intelligence firm, Chainalysis. The partnership will bolster the exchange’s ability to stop illicit transactions.


In a post on the BitMEX blog, the exchange confirmed an extension and expansion of its partnership with Chainalysis, a blockchain surveillance tool. The extended partnership will see BitMEX integrate the blockchain intelligence provider in a bid to identify and stop illicit transactions conducted on the crypto derivatives exchange.

BitMEX will leverage Chainalysis’s Know Your Transaction (KYT) screening capabilities to investigate illicit activities to enhance compliance on the exchange. This technology has been widely integrated by other exchanges and governments tracking crypto transactions to stop “money laundering through detecting and flagging risky or suspicious behavior,” the report reads.

“As a responsible player in the crypto space, we must maintain a well-rounded, agile compliance function to detect bad actors and illicit transactions,” Malcolm Wright, the Chief compliance officer at BitMEX, said.

“Chainalysis offers a highly innovative solution that supports our vigilance to these threats, and we are glad to partner with them.”

The exchange is rapidly complying with international KYC/AML laws following the recent lawsuits charging BitMEX’s top executives for money laundering, market manipulation, and unregistered trading. In October, the exchange announced the User Verification program, which forced every trader on the platform to be fully verified by November 5th. Last week, the exchange confirmed that all users had been fully verified to keep up with global KYC/AML compliance.

Furthermore, BitMEX has partnered with Eventus Systems, a leading surveillance and risk management firm, to “mature its trade compliance capabilities.” The exchange also added Refinitiv World-Check One to its list of compliance suite tools to enhance its anti-crime financial compliance in November last year.

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