BitMEX recovers ground: over 60 million dollars in 7 days
Regulation

BitMEX recovers ground: over 60 million dollars in 7 days

By Stefano Cavalli - 8 Aug 2019

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Cash outflows show that BitMEX lost over half a billion dollars in July alone, making this timeframe the worst ever for the world’s largest exchange for daily volumes. Precisely, $524 million was cashed out in a matter of weeks.

 

The problems arose with the news that the CTFC (Commodities and Futures Trading Commission) had started an investigation into whether BitMEX had illegally allowed US residents to use the platform.

 

BitMEX is not allowed to register US citizens, which is clearly explained in its policies. After July 19th, the day the news came out, Nouriel Roubini accused BitMEX of engaging in illegal activities including money laundering and circumvention of KYC/AML controls.

However, it seems that traders are starting to gain their trust again in the most popular Bitcoin (BTC) trading platform. Since the beginning of August, the platform has recorded an inbound cash flow of more than $60 million, reporting August as a growing month.

In 2018 BitMEX recorded a 100% year-on-year increase and never made a month with losses greater than $100 million before this July.

The graph on TokenAnalyst shows how inbound flows are slowly increasing.

In order to operate in the U.S., a specific license is required that BitMEX does not have and that is not part of its development plans, at least for the moment.

Even Binance will soon have to let the crypto community know what are its intentions regarding Binance Coin (BNB) and all the other cryptocurrencies on the platform. US residents will not be able to trade directly on Binance.com but will have to use Binance US, a platform with the same name but with different cryptocurrencies specific for the United States.

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