HomeNEWSBitMEX obtains regulatory approval in Italy

BitMEX obtains regulatory approval in Italy

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Popular crypto derivative exchange, BitMEX, has obtained a regulatory license to operate as a digital wallet service provider in Italy. The exchange confirmed the development in a Tuesday Twitter post on its verified handle. According to BitMEX, it obtained the license from Italy’s Organismo Agenti e Mediatori(OAM), thereby becoming eligible to avail virtual currency and digital wallet services.

Occasioned by the regulatory approval, BitMEX aims to offer spot trading products and services to Italian customers. However, exchange must carry out the services in line with local regulations. The OAM, as mandated by the law will regulate the conduct of businesses, particularly regarding anti-money laundering and fiscal controls.

Meanwhile, the local regulations obtainable in Italy mandates cryptocurrency service providers to enroll in a special section of the OAM register. This registration remains a compulsory requirement for service providers to operate in Italy. According to BitMEX, the license approval reaffirms its commitment to collaborate with regulatory bodies. This, according to the exchange, helps to uphold standards that protect its users and the crypto industry.

Reacting to the development, BitMEX CEO Alexander Hoptner noted that the license acquisition is a major step in the exchange mission of becoming regulated by key global jurisdictions. He noted that BitMex intends to operate according to Italian anti-money laundering regulatory requirements. Hoptner further that steps taken by BitMEX prove that the exchange possesses an efficient regulatory framework in place. According to him, this framework enables users and crypto companies to trust the exchange cryptocurrency operations.

Notably, the BitMEX OAM license in Italy comes a few weeks after the exchange obtained membership approval for BXM Link AG. The BXM Link AG is the operator of the BitMEX Link brokerage service. It is a Swiss Financial Services Association(VQF), a self-regulatory organization (SRO) in Switzerland, officially recognized by FINMA.

More so, BitMEX, in late September, partnered with Paradigm to launch futures spread trading on Paradigm. Since its establishment, the exchange has continuously been at the forefront of innovation. It reportedly altered the crypto space with the introduction of its Perpetual Swap in 2016.

Through the partnership, Paradigm incorporated its liquidity network and block trading abilities with BitMEX’s world-class clearing, settlement, and custody infrastructure. Also, its futures spread order books allow BitMEX clients to market the spread between spot, perpetuals and futures without risk. Similarly, the exchange will continue to explore Paradigm’s relationship in enhancing its offerings.

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