BitMEX

BitMEX was a cryptocurrency exchange and derivative trading platform based in Seychelles. It was operated by HDR Global Trading Limited. BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, with financing from family and friends. BitMEX completed a SAFE round of investment in July 2015 then shortly after was inducted into SOSV batch 8 china accelerator program where it sold equity in exchange for labour and financing. In 2016, the exchange introduced perpetual futures, which became its most popular derivative product. In 2018, Delo became the United Kingdom's first billionaire from bitcoin, and its youngest self-made billionaire. In July 2019, Nouriel Roubini, a critic of cryptocurrencies, suggested that the exchange was involved in illegal activities, allowing traders to take on too much risk and by trading against clients. Two days later, it was reported by Bloomberg that the Commodity Futures Trading Commission (CFTC) was investigating BitMEX as to whether they broke rules by allowing Americans to trade on the platform. On 1 October 2020, Hayes, Reed, Delo, and Gregory Dwyer were indicted on charges of violating the US Bank Secrecy Act and conspiracy to violate that law, arising from allegations that the four failed to implement anti-money laundering measures. The case name is "U.S. v.