Bitmex’s Outflows Hit $530 Million And Reach Record Highs Due to Possible Legal Troubles
BitMEX, known as one of the most important crypto exchanges in the market, has recently reported that its outflows reached record highs last month as they were around $530 million USD.
The numbers are quite surprising as they never reached $100 million USD before. The whole outflow of 2018 was $1.3 billion and this was a whole year, not a single month. Also, in all the months the inflows of the company were considerably higher than the outflows.
Bitmex had $524M net outflows in July. It had never had more than $100M in a single month.
2018 brought in $1.3B, and there was not a single month where outflows were greater than inflows. pic.twitter.com/yfQSMfCbvy
— Ceteris Paribus (@ceterispar1bus) August 4, 2019
Analysts who reported on the situation affirmed that $83 million USD worth of BTC went out of the company in a single day while only $12 million came in during a single day last month, something that has also never happened before now.
Some people, however, have affirmed that the numbers were not such a big deal when compared to the amount of BTC currently owned by the company.
CFTC Is Probind BitMEX Traders
At the same time that all of this is happening, the CFTC is probing some traders at the platform in order to determine whether people who reside in the U. S. are using the platform.
The rules of the exchange forbidden traders from the country to use their services, but they could do it with VPNs and other geoblocking apps, which prompted the regulator to check out and determine whether they were breaking the rules.
It was also reported that the traffic of the site has gone down, too. According to data taken from Alexa, BitMEX dropped from the 11,851st position to the 12,644th one recently. It seems that a crisis is happening at the company. However, its possible links with the CFTC are still unconfirmed.