BitMEX vs US: Is the Conflict Over?
If you follow the news of the cryptoindustry with us, then you know that large companies from the digital sphere regularly clash with the governments of leading states. Basically, of course, with the US government. After all, most of the advanced businesses are launched in the United States. Despite the ambiguous position of the local government regarding the digital economy. Nevertheless, sometimes the conflict goes beyond all permissible limits, developing into a real trial. Something similar happened to BitMEX, whose director handed it over to the American authorities today. Below we will tell you everything there is to know about this situation. So let’s get started.
First, let us remind you that BitMEX is a fairly well-known digital exchange that has enjoyed a reputation as a serious, safe resource. Nevertheless, now the status of the company is obviously spoiled by the proceedings around the person of the director of the company. Arthur Hayes, the former CEO of the organization, surrendered today to the US authorities. After a lengthy trial, escape to Hawaii and threats of arrest. Bloomberg says that the entrepreneur was not detained, having released on bail of $ 10 million. Such a colossal amount includes the million dollars that Arthur Hayes’s mother vouched for her son.
But this does not mean at all that the trial around the Hayes case has been stopped. Under American law, a person released on bail cannot possess a firearm. Hayes is also obliged to inform authorized persons about any contacts with the police and other law enforcement agencies no later than 24 hours later. As you can imagine, the former head of the company is in an unenviable position. But what exactly is the head of the company and his associates accused of? More on this in the next section.
What BitMEX is accused of
Recall that a fairly high-profile trial began in October 2020. Then the US Commodity Exchange Commission, along with other authorized organizations, filed a lawsuit against BitMEX. Or rather, the founders of the exchange. According to the prosecution, the company’s representatives violated the bank secrecy law. Also, according to the prosecution, Hayes and his employees are suspected of illegal foreign exchange transactions. Despite the well-thought-out protection, the representatives of the company still agreed to pay simply colossal deposits. For example, the company’s second person, Samuel Reed, escaped detention by paying a $ 5 million bail.
The co-founder of the organization, Ben Delo, paid the States $ 20 million in bail. And the director of the company, Arthur Hayes, fled to Hawaii. But after lengthy negotiations for a voluntary surrender, Hayes flew to New York and surrendered to the authorities. Note that he retains his citizenship, the status of a New Yorker. After all, it is in this city that the BitMEX case is still underway. Considering such circumstances, the question arises: is it worth working with a company if it is seen in such large court cases? Let’s figure it out.
Should we continue to cooperate with BitMEX?
To be fair, at the moment the company management has changed. The post of director is occupied by Alexander Heptner, who does not appear in the court proceedings in the cases of his predecessors. And BitMEX continues to operate normally. The company is operational, the exchange address is available, and funds are withdrawn. Hence, there is no reason to panic. However, we advise you to be on your guard and follow the crypto industry news with us. We publish only high-quality, interesting material. Thank you for attention. Good luck!