BitMEX achieves industry-leading low on-chain AML risk profile through strategic partnership with Chainalysis

BitMEX reviews a 35% decrease on-chain threat publicity than international averages, demonstrating its dedication to cutting-edge safety and regulatory adherence.

VICTORIA, Seychelles, Oct. 22, 2024 /PRNewswire/ — BitMEX, the world’s main crypto derivatives change, has introduced that it continues to take care of a low on-chain Anti-Cash Laundering (AML) threat profile, efficiently decreasing its threat publicity from 1.7% in 2019 to only 0.2% in 2024. This 88% discount in on-chain threat publicity over the previous 5 years is a direct results of BitMEX’s collaboration with Chainalysis, mixed with substantial investments in compliance controls and superior blockchain analytics. With its on-chain threat publicity 35% under the worldwide common of 0.304%, BitMEX demonstrates its steadfast dedication to safety and regulatory adherence, setting a brand new {industry} commonplace since 2019.

Because the {industry} navigates complicated regulatory environments, BitMEX has turned compliance into a possibility for management. Ongoing compliance efforts embody bi-weekly updates to its Proof of Reserves and Liabilities, the usage of geo-blocking know-how to minimise sanctions-related dangers, and common exterior AML audits to make sure compliance accuracy. BitMEX additionally integrates superior instruments to observe each on-chain and off-chain exercise, reinforcing its complete strategy to threat administration.

Leveraging Chainalysis’ cutting-edge blockchain analytics, BitMEX has carried out strong mechanisms to evaluate, monitor, and mitigate on-chain dangers. On-chain threat publicity refers back to the dangers related to the movement of digital belongings, particularly regarding their origin or vacation spot, and BitMEX’s proactive stance on mitigating these dangers reinforces its management in safeguarding the crypto ecosystem.

Stephan Lutz, CEO at BitMEX stated, “As we proceed to prioritise the security of our customers and create a safe buying and selling setting, our collaboration with Chainalysis has allowed us to remain forward of evolving compliance requirements. By integrating superior blockchain analytics into our complete threat administration technique, we’ve not solely diminished on-chain threat publicity but in addition strengthened the belief our customers place in us. This partnership ensures that BitMEX leads the {industry} in each safety and regulatory adherence, giving our merchants confidence within the security of their belongings.”

The BitMEX compliance framework has advanced to replicate the very best requirements within the {industry}. Central to this transformation is its risk-based strategy to threshold tuning, which integrates insights from Chainalysis’ detailed typologies and behavioural analytics. The platform’s dedication to information integrity is evidenced by periodic testing and situation choice primarily based on the newest menace fashions, guaranteeing that its AML programme persistently meets regulatory expectations.

“BitMEX has repeatedly taken an progressive and proactive strategy in the direction of enhancing their threat administration technique and prioritising shopper security,” stated Diederik Van Wersch, Regional Director, ASEAN & Hong Kong, Chainalysis. “The workforce has at all times valued a robust collaboration when working with Chainalysis, and it’s actually spectacular to see their funding in a talented investigations and compliance workforce, and the adoption of superior instruments – which have yielded spectacular outcomes.”

BitMEX’s efforts spotlight its management in setting new benchmarks for transparency and regulatory adherence within the crypto area. With the continual implementation of rigorous AML programmes and real-time monitoring methods, the platform is uniquely positioned to supply a safe and compliant setting for merchants worldwide. Extra particulars on BitMEX’s transformation of its threat profile is on the market through a Chainalysis case examine right here.

About BitMEX
BitMEX is the main crypto derivatives change, offering skilled crypto merchants with a platform that caters to their wants with low latency, deep liquidity and unmatched reliability.

Since our founding, no cryptocurrency has been misplaced by way of intrusion or hacking, permitting BitMEX customers to commerce safely within the data that their funds are safe. So too that they’ve entry to the merchandise and instruments they require to be worthwhile.

BitMEX was additionally one of many first exchanges to publish their on-chain Proof of Reserves and Proof of Liabilities information. The change continues to publish this information twice every week – proving assurance that they safely retailer and segregate the funds they’re entrusted with.

For extra info on BitMEX, please go to the BitMEX Weblog or www.bitmex.com, and follow Discord, Telegram and Twitter.

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