Crypto derivatives platform BitMEX is revealing its total Bitcoin (BTC) reserve balance and is suggesting that other exchanges go public with their reserves as well.
In a new blog post, BitMEX says that it holds 110,090 Bitcoin, worth $5.23 billion at time of writing.
The firm also provided tools that anyone can use to verify liabilities and the company’s reserves against the blockchain.
BitMEX says that it hopes other crypto firms and platforms will reveal their Bitcoin holdings as well.
BitMEX’s recent transparency comes on the heels of its $100-million settlement with the U.S. Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC).
According to the CFTC, a settlement was reached with five entities that were charged with operating the BitMEX crypto derivatives platform.
“The order requires the BitMEX entities to pay a $100 million civil monetary penalty, and provides that up to $50 million of the penalty may be offset by payments the BitMEX entities make or are credited pursuant to a Consent to Assessment of Civil Monetary Penalty entered by the Financial Crimes Enforcement Network.”
In October of 2020, the CFTC accused BitMEX founders Arthur Hayes, Benjamin Delo and Samuel Reed – along with the platform’s other operating entities – of partially operating from the US and serving US customers without proper approval.
FinCEN accused BitMEX of operating with inadequate anti-money laundering and customer identification measures.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/cobalt88
