On Saturday, the US Northern California District Court sued institutions and individuals associated with the Seychelles-based cryptocurrency exchange. So, the stock market's parent company HDR Global Trading Limited and its founding partners Arthur Hayes, Ben Delo and Samuel Reed were sued
Plaintiff; BMA LLC accuses BitMEX and its operators of facilitating numerous illegal activities, including fraudulent business transactions, bank fraud, money laundering, illegal donations, and market manipulation.
The plaintiff also claimed that BitMEX illegally offered high-risk trading services to US citizens. In the court application, it was announced that the stock market, almost 15 percent of the transaction volume in 2019 came from the US regions. This means that BitMEX has made approximately $ 138 billion worth of transactions in the U.S. without a money transfer license.
In the case, it was argued that "therefore, the business that transfers unlicensed money accepts an average of 3 billion dollars of illegal money transfers every day."
BMA also stressed that BitMEX allows investors to bet up to 100 times their original capital. The plaintiff wrote that the stock exchange had "buy from two or three illiquid exchanges" prices and used the "BXBT index price for highly liquid derivatives".
This "fake" system means that manipulators and money launders cannot be detected. You can open unlimited accounts without a withdrawal or deposit limit. Unlimited access faces the "overloads" with the BitMEX system, during which more market action the system accepts some orders and rejects others.
The stock market also faces its first investors in a separate case of $ 540 million. The plaintiffs accused the stock market and its CEO, Hayes, of having deceived themselves by offering shares in the company.
BitMEX lost half its market share in the past six months.
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