<p class="MsoNormal">The cryptocurrency derivatives exchange, BitMEX, has
received regulatory approval and registration from Italy’s Organismo Agenti e Mediatori (OAM)
to operate as a virtual currencies and digital wallet services provider in the country.</p><p class="MsoNormal">The OAM supervises the operations of cryptocurrency companies in Italy.</p><p class="MsoNormal">“This registration permits BitMEX to offer a
suite of spot trading products and services to Italian customers in compliance
with local regulations,” BitMEX announced on
Monday.</p><p class="MsoNormal">In January, the Italian Ministry of Economy and
Finance introduced a policy that mandated cryptocurrency service providers in
the country to get registered and run a physical local subsidiary.</p><p class="MsoNormal">Additionally, the policy required them to comply with the
country’s anti-money laundering provisions.</p><p class="MsoNormal">BitMEX in a statement, announcing the development, noted that the registration proved its dedication to partnering with regulatory
authorities to uphold standards that protect its users as well as the cryptocurrency industry.</p><p class="MsoNormal">It added that the registration
“represents a major step forward in our European expansion.”</p><p class="MsoNormal">“This is a major step in our regulatory journey
as we seek to become regulated in key jurisdictions around the world,
validating that we are operating in line with Italian anti-money laundering
regulatory requirements,” Alexander Höptner, the CEO of BitMEX, said.</p><p class="MsoNormal">Meanwhile, the cryptocurrency derivatives exchange disclosed that the Swiss Financial Services Association, a self-regulatory body, has recently approved the
membership of BXM Link AG, an operator of its all-hour
brokerage for Bitcoin traders, BitMEX Link.</p><p class="MsoNormal">On top of that, BitMEX recently <a href="https://www.financemagnates.com/cryptocurrency/news/bitmex-launches-spot-trading-services-lists-7-crypto-pairs/">launched a
spot crypto exchange</a>
with support for seven cryptocurrency pairs, including Bitcoin and Ethereum.</p><p class="MsoNormal">Struggle with Regulators</p><p class="MsoNormal">Over the past few months, BitMEX, which was
launched in 2014, has been having a hard time with regulators in the United
States.</p><p class="MsoNormal">In May, a New York court ordered the three
co-founders of the platform, Arthur Hayes, Benjamin Delo and Samuel Reed, <a href="https://www.financemagnates.com/cryptocurrency/news/bitmex-co-founders-slapped-with-30-million-fine/">to pay $10
million each</a> for violating the US
Commodity Exchange Act and regulations of the US Commodity Futures Trading
Commission (CFTC).</p><p class="MsoNormal">Earlier, the co-founders <a href="https://www.financemagnates.com/cryptocurrency/news/bitmex-co-founder-pleads-guilty-to-us-bank-secrecy-act-violations/">pled guilty to
violating</a> the US Bank Secrecy Act
by breaching anti-money laundering provisions of the country. </p><p class="MsoNormal">This followed actions by the derivatives market
regulator CFTC and prosecution by the US Attorney for the Southern District of
New York.</p><p class="MsoNormal">In August last year, the exchange <a href="https://www.financemagnates.com/cryptocurrency/exchange/bitmex-settles-with-us-cftc-and-fincen-agrees-to-pay-100-million/" target="_blank">agreed to pay $100 million</a> to the CFTC and the US Financial Crimes Enforcement Network
(FinCEN) in relation to compliance investigations by both agencies.</p><p class="MsoNormal">BitMEX officially withdrew its services from the
US in September 2015, but prosecutors have said the exchange did not effectively
block US customers from accessing their trading services.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
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