Crypto derivatives exchange BitMEX announced on Monday it has obtained regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services.
With the new registration, BitMEX can offer a suite of spot trading products and services to Italian customers in compliance with local regulations.
The OAM registry monitors businesses for anti-money laundering and fiscal controls. The regulator now follows a new Decree of the Ministry of Economy and Finance (MEF). According to the new mandatory requirement crypto and digital wallet service providers serving Italian users need to enroll in a special section of the register held by the OAM.
This is a major step in our regulatory journey as we seek to become regulated in key jurisdictions around the world, validating that we are operating in line with Italian anti-money laundering regulatory requirements. These steps we are taking are also recognition of the importance of having a clear regulatory framework in place that gives users and crypto companies alike trust and transparency in our crypto operations.
BitMEX highlighted that its registration in Italy is part of its expansion in Europe and follows the recent membership approval for brokerage service BitMEX Link operator from Swiss Financial Services Association (VQF). The company noted that this is also part of its larger expansion strategy to become regulated in key places around the world.
US regulatory saga
In the last couple of years, BitMEX has been dealing with regulatory troubles with the US CFTC. The regulator filed a complaint against the trading platform and its co-founders for operating the business from the US without any license. After a guilty plea, co-founder Benjamin Delo was sentenced to spend 30 months on probation for violating US anti-money-laundering regulation.
Two other co-founders, Arthur Hayes and Samuel Reed, have also pleaded guilty to defying AML rules. Hays was sentenced to serve six months in house arrest and two years’ probation. Reed was sentenced to 18 months of probation.
BitMex already settled with US regulators earlier last year and agreed to pay a $100 million penalty.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
