BitMEX has landed in yet another legal tussle. The U. S. District Court for the Northern District of Calfornia on Saturday filed a lawsuit against entities and individuals associated with the Seychelles crypto exchange. They include its parent company, HDR Global Trading Limited, and co-founders Arthur Hayes, Ben Delo, and Samuel Reed. Hayes and Reed also serve as BitMEX’s chief executive and chief technical officers, respectively. The plaintiff is a little known BMA LLC that has accused BitMEX and its operators of facilitating “a myriad of illegal activities,” including fraudulent business dealings, wire frauds, money laundering, illegal fundraisings, market manipulation, and whatnot. The lawsuit also alleged that BitMEX illegally offered its high-risk trading services to U. S. citizens. It read that the exchange reported almost 15 percent of its trading volume from the U. S. regions in 2019. That amounts to about $138 billion worth of trades that BitMEX conducted without obtaining a money transmitting license in the U. S. BMA’s lawsuit further dwelled into the BitMEX high-leverage trading facilities that allow traders to place bets up to 100 times that their original capital. The plaintiff wrote that the exchange uses “BXBT index price for highly liquid derivatives” that takes prices from “two or three illiquid spot exchanges.”The “fraudulent” system enables manipulators and money launderers to skip detection. They get to open unlimited “check-free trading accounts” without any withdrawal and deposit limits. The unrestricted access allows the BitMEX system to cause “overloads,” wherein it accepts some orders and reject others during broader market moves. The accusation served as a reminder to BitMEX’s admittance of insider trading back in April 2018. It noted that all the defendants had agreed that the exchange operates its for-profit trading desk via its employee Nick Andrianov. The counter tracks customers’ existing trading positions, stop-loss orders, liquidation prices, and open orders. The strategy gives BitMEX an unfair trading advantage over small retail traders, often leading to massive losses. BitMEX has lost half of its market share in the past six months. A massive crypto withdrawal ensued after a “technical issue” on the exchange crashed the bitcoin price by more than 50 percent overnight. The exchange is also facing its early investors in a separate $540 million lawsuit. The plaintiffs in the case have accused the exchange and CEO Hayes of tricking them into offering stakes in the company. NewsBTC has reached BitMEX for comments and is awaiting a response.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/05/18/u-s-court-files-lawsuit-against-bitmex-crypto-derivatives-exchange/
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U.S. Court Files Lawsuit Against BitMEX Crypto Derivatives Exchange: https://www.youtube.com/watch?v=cXCnWzY6BDM
Bitcoin price is moving similarly as in April 2019, when BTC surged from the $5,000s to $14,000 in 62 days.
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CryptoCompare has published its monthly report analyzing the trade activity on crypto exchanges. The record-breaking crash of March 12 and 13 drove new all-time volume highs in both the spot and derivatives markets. The report states that March 13 produced the single greatest volume in the history of crypto assets — with all exchanges and markets producing $75.9 billion in trade activity over 24 hours.$54.3 billion of 71.5% of trades came from ‘Lower Tier’ exchanges, while ‘Top Tier’ exchanges generated $21.6 billion in volume. Despite Binance and OKEx representing the largest share of volume throughout the crash generally, the majority of trades throughout the first 60 minutes of the crash occurred on Bitfinex, followed by Coinbase, OKEx, and Bitstamp. Crypto derivatives produced a new all-time high of $600 billion in monthly trade during March — a monthly gain of 5%. The combined volumes of OKEx, BitMEX, Huobi, and Binance’s derivatives markets totaled $514 billion or 86% of the entire market. The report notes significant growth from newer entrants derivatives platforms, with Binance and FTX growing from 14% of total trade in January to 22% last month. The record crash unsurprisingly drove record demand for stablecoins — fulfilling their original promise of providing a semi-orderly means through which traders can exit crypto without causing bank runs on crypto exchanges during periods of wild volatility. Monthly Bitcoin (BTC) conversions into Tether (USDT) tripled during March, while Bitcoin trades for USD Coin (USDC) rose by 71%. Trade between BTC and Paxos Standard Token (PAX) grew by a whopping 1,550%. Bitcoin trade volume for USDC and PAX now exceeds that of Euro and Korean won pairings respectively. While exchanges specializing in both spot and derivatives for crypto assets saw record trade during March, institutional trade fell by almost half. Chicago Mercantile Exchange (CME)’s futures saw a 44% drop in monthly volume from $13.1 billion in February to $7.36 billion in March.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/both-crypto-derivatives-and-spot-markets-post-record-volume-in-march
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Both Crypto Derivatives and Spot Markets Post Record Volume in March: https://www.youtube.com/watch?v=Tdbw0LSEsCU
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The cryptocurrency sector, with its origins spanning a bit over a decade, has already made its presence and impact felt on the global economy. In fact, this new class of digital assets is now on the verge of becoming part of the mainstream financial system. The transition is evident from the ever-increasing trade volumes on various cryptocurrency platforms, which is further supported by the availability of trading products to the crypto community that bears similarity to traditional instruments. One of the prime movers in the crypto trading segment is the derivatives trading market, attracting monthly trade volumes of hundreds of billion dollars. The major offering across exchanges on the crypto derivatives front are the Futures, Options and Swaps, most of which are offered against Bitcoin. Crypto derivatives trading is attractive among the crypto-trading community as it allows them to efficiently manage the risks while making use of the leverage options as they attempt to maximize profits. By way of design, derivatives are complex financial contracts having their value based on that of the underlying assets. These contracts not only provide added convenience to the traders by allowing them to hedge the risks involved in the process but also ensures that the markets undergo self-correction with respect to the price of underlying assets. The increased trader activity in the crypto derivatives exchange platforms, where the asset prices are set considering the average price on multiple platforms ensures that the price of any cryptocurrency is not driven just by the dynamics of one particular platform catering to a specific geography or volumes but considers the global market sentiment in entirety to decide a fair value of that particular asset. The emergence of crypto derivatives trading has practice contributes towards a reduction in cryptocurrency volatility, which has been one of the critical factors affecting the rate of crypto adoption among individuals and businesses. The crypto derivatives trading segment has been garnering huge volumes in the recent months, with monthly numbers crossing the $325 billion mark in the last month. The latest Monthly Exchange Report published by CryptoCompare – a leading crypto industry resource that monitors the markets and provides high-quality real-time data to institutional and retail investors shows that the four top derivatives trading platforms managed over 88% of the total trade volumes, while smaller exchanges put together registered the remaining 12% of trades. The top four platforms include OKEx (28%), Huobi (27%), BitMEX (23%) and bitFlyer (10%). Image: CryptoCompare Monthly Exchange Review (Nov 2019)Being one of the largest crypto derivatives trading and exchange platform in the world, OKEx has been consistently staying on top of the list, with huge volumes. It has the highest reach, spanning over113 countries while supporting an extensive list of 100+ supported tokens. OKEx has further strengthened its position in the market by continually adding new products to meet the requirements of its strong userbase. The platform has also implemented enhanced risk management features like Mark Price, Tiered Maintenance Margin Ratio (TMMR) and Forced Partial Liquidation that has found the community’s favor. The Perpetual Swap trading is also another welcome addition that helps traders to continue making profits without having to reopen new positions by paying extra transaction fees. The latest addition to the OKEx product portfolio is the OKEx Options Trading feature, which is now live following the successful completion of its simulation run that began on December 12, 2019. This new platform is built from scratch by the company’s competent technical team, and it incorporates a faster, more robust trading infrastructure. The Options Trading feature on OKEx allows users not just to buy but also write options for enhanced trade flexibility and transparency concerning trade prices that reflect actual market trends. It also comes with a stringent anti-manipulation system for fair settlement price based on an average of spot data from multiple exchanges. It determines the options mark price in real-time using the Black-Scholes pricing model. According to market data available from different sources, OKEx is continuing its domination in the derivatives market, which is in line, if not better than the last month’s performance, as reported by CryptoCompare’s Monthly Exchange Review for November 2019. In the previous week, the daily BTC Features Volume on OKEx was the highest in the industry at $5.33 billion, over a billion dollars more than the second-best performer on the same day. With the launch of the Options Trading feature, OKEx has now become the fir
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