CFTC Commissioner to Join SEC as General Counsel

The United States government is trying to set an excellent regulatory policy for crypto. The Securities and Exchange Commission (SEC) will play a significant part in that effort. Now, the agency is getting some help in its endeavors. This week, the SEC confirmed hiring Dan Berkovitz as its general counsel. Berkovitz is currently a commissioner at the Commodity Futures Trading Commission (CFTC). He has held that position since 2018, so he has solid experience. Interestingly, Berkovitz's tenure at the CFTC lasts until…

BitMEX Pays a $100 Million Settlement for Unlawfully Handling Customer Funds

BitMEX exchange has agreed to pay $100 million to settle the charges by the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) unit of the U.S. Treasury Department. The lawsuit arose from BitMEX unlawfully accepting customer funds to trade cryptos without registration. In addition to this, they failed to conduct customer due diligence. According to CFTC and FinCEN, this went on for six years with U.S. customers. What the Lawsuit Entailed The order found that…

Bitcoin Suffers Major Correction, $1.9 Billion Liquidated on Top Exchanges

Bitcoin (BTC) failed at its first attempt to hit $50,000 after hitting a new all-time high on Sunday. The sharp correction that occurred in today's early hours has led several crypto traders to count their losses.  Bitcoin Hits New All-time High Before Correction Buoyed by the news of potential adoption by financial institutions, the price of Bitcoin enjoyed positive gains during the weekend. Starting at $46,000 on Friday, bitcoin continued to make steady upward movements.  On February 14, the leading…

BitMEX Operator 100x Group Appoints Alexander Höptner As CEO

BitMEX's parent company, 100x Group, has appointed Alexander Höptner as its new chief executive officer (CEO), two months after Authur Hayes stepped down from the position amid the lawsuits filed against the exchange by the United States regulators.  According to the official announcement today, the newly appointed CEO will lead 100x Group, the holding Group for HDR Global Trading Limited, owner and operator of crypto derivative giant BitMEX. Höptner, 50, has a wealth of experience in the financial industry. He…

BitMEX Says Traders Now Have Until Nov. 5 To Verify Their Accounts

With the ongoing legal battle against the US authorities, cryptocurrency derivatives giant BitMEX announced today that traders using the platform have just two weeks to verify their accounts. Since its launch in 2014, the Seychelles-incorporated exchange allowed customers to trade even without verification. But in August, BitMEX revealed that it would implement a mandatory Know-Your-Customer (KYC). This requires both new and existing users to submit their personal information for checks.  No Verification, No Withdrawal When BitMEX initially announced its User…

Carrying a Bitcoin Brainwallet? It’s extremely unsafe, says a BitMEX Research

If you’re one of those who are carrying a Brainwallet using passphrases from your favorite movie or book, they’re extremely unsafe, says a new research bit from BitMEX. Brain wallets are basically tools that let users choose a simple password, and those passwords are further encrypted with an SHA-256 hashing algorithm. Even though the encryption is practically impossible to reverse engineer, it is highly prone to brute force methods. According to the experiment, eight Bitcoin Brainwallets were created using paraphrases…

Making Things Right? BitMEX Appoints AML Expert As New COO

Following the recent court filings against BitMEX and its founders for rules violation, the cryptocurrency derivatives giant seems to take the necessary steps to make things right.  Announcing Monday, 100X Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX exchange, said it had appointed Malcolm Wright as the company’s new Chief Compliance Officer (COO).  Interestingly, Malcolm Wright is an expert in compliance and anti-money laundering (AML) with over 30 years of experience.  The new COO…

6 Best Platforms for Trading Crypto Futures in 2020

Crypto futures are derivative products in the form of a contract. Two parties commit to either sell or buy a cryptocurrency on a certain date in the future at a predetermined price. In essence, Crypto futures allow traders to speculate on the future magnitude and price of an Asset. The trading volume of crypto futures has grown rapidly since launching the first Bitcoin futures contract in 2017 by the Chicago Board Options Exchange (Cboe). According to a recent Bloomberg Report,…

The Top Crypto Exchanges with the Best Margin Trading Features

Margin Trading is one of the newer ways to make money in the cryptosphere. The concept involves borrowing extra funds by leveraging your crypto trading positions. Simply put, it’s trading with a loan. Brokers and individuals provide the loan based on laid terms and conditions. Margin trading enables traders to trade even when they have limited funds. Sounds great, right? While the concept has been around for some time, it is only beginning to develop cryptocurrency trading roots. Again, just…

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