What will happen after BitMEX?

What will happen after BitMEX?

As BitMEX, the Seychelles-based crypto exchange, faces a series of civil and criminal charges from U.S. regulatory authorities, more than 41.000 BTC were withdrawn from BitMEX, and further data shows that most of if went to its competitors, Binance, Gemini and Kraken. Just yesterday 11,257 BTC moved from BitMEX: 4,786 BTC went to Binance, 3,899 to Gemini and 989 to Kraken, according to data provided by CryptoQuant. This will make me think that the traders are feeling safer with exchanges that closely follow the latest regulations. Not a bad field day for our latest mentioned exchanges, and this made it happen because Gemini has very strict KYC procedures, and Kraken is the first cryptocurrency firm ever in the U.S. to become a bank, after its application for a special purpose depository institution (SPDI) charter was approved by regulators on the Wyoming Banking Board. 

One of the charges brought by the U.S. Commodity Futures Trading Commission (CFTC) against BitMEX is their failure to implement proper KYC rules. Now, one of the winners in relation with this issue is Binance, whom was just ranked #1 crypto exchange in 24-hour bitcoin futures trading volume, surpassing a falling BitMEX.

You can read the U.S. authority legal document bellow:



See you soon!





2. https://www.coinmarketcap.com

3. https://www.coingecko.com





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