If you have been keeping up with the crypto news, you have heard of the BitMEX scandal. If you are yet to hear about the scandal, then you are reading the right article.
The BitMEX Scandal
The Federal government recently filed civil and criminal charges against BitMEX and four of its top executives.
- The U.S CFTC filed civil charges against BitMEX and its affiliates claiming that the company operated an unregistered trading platform. It was also accused of failing to implement anti-money laundering controls such as checking the identities of the service traders.
- The New York federal prosecutors filed parallel criminal charges against BitMEX CEO Arthur Hayes, co-founder Benjamin Dalo, Chief technology officer Samuel Reed, and Gregory Dwyer who is the head of business development.
- Similarly, the government alleged that the executives had failed to establish anti-money laundering practices like collecting user identity information and reporting suspicious transactions, required under the Bank Secrecy Act. According to prosecutors, the charges are punishable by up to five years in prison.
The charges which immediately disrupted a key component of the global cryptocurrency market sent most cryptocurrencies into an immediate selloff.
Within two hours of becoming public, the price of Bitcoin dropped more than 3%.
BitMEX founders are stepping down from their executive roles following the exchange being charged with illegal conduct. Last Thursday, 100x announced that founders Arthur Hayes and Samuel Reed stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect. Vivien Khoo, currently a chief operating officer of 100x Group, will become Interim CEO, while Ben Radclyffe, commercial director, will take on a supporting role with greater management of client relationships and oversight of financial products.
The scandal has had a serious effect on the platform. Not only has it led to huge losses, but it has also caused many of the investors to move to other exchange platforms because of the lack of trust.
Zeabit as The Better Exchange Option
With one of the biggest exchange platforms being in such a mess, it is only natural for crypto investors to look for alternative exchange platforms. People are beginning to explore exchanges they had overlooked before and the remaining part of this article introduces an outstanding exchange platform.
Zeabit I an exchange platform that allows quick and secure at the best rates on the market.
- Some of the coins supported by the platform include:
- Bitcoin
- Litecoin
- Dashcoin
- Qturn
- Ethereum
- Tether
- Bitcoin Cash
- Monero
- Getting started
It is very easy to get started on Zeabit, you follow three simple steps that will only take you a couple of minutes. The steps are as follows:
- Create an account
- Deposit your funds
- Start buying and selling
- Benefits of trading on Zeabit
- Secure storage – a vast majority of their digital assets are stored in secure offline storage
- Protected by insurance – All cryptocurrencies stored on their servers are stored by their insurance policy
- Extensive support – they support many of the popular digital currencies.
- Portfolio features
Create your Zeabit portfolio today and enjoy some of the following outstanding features.
- Trading and managing several cryptocurrencies on a central platform
- Determining the frequency and details of all purchases
- Extremely high-security levels – your funds are stored in a vault with time delayed withdrawals
- 100% compatibility with all types of devices and browsers
Conclusion
When it comes to crypto trading, customer safety and security are non-negotiable. Zeabit gives you 100% responsiveness, accessibility from and browser, and saves you the installation hustle. To check zeabit just acess zeabit.com
This is a Paid Press Release.
