In a January interview, CEO Arthur Hayes said that Bitmex, which...

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    In a January interview, CEO Arthur Hayes said that Bitmex, which is registered in Seychelles but operates a main office in Hong Kong, was removing any users who were ignoring its terms & services, which ban US-based traders from using the exchange. However, Hayes also stated that it was not beyond the realms of possibility that some US-based traders were using VPNs to access the platform.

    Bitmex appears to be reducing its BTC holdings as the investigation develops. Since July 11, net outflows on Bitmex have far exceeded net inflows and as of July 21st, BitMEX’s BTC supply had dropped to ~174,900k, down from a peak of ~246,000 on 3/4/19. The outflows suggest Bitmex may be stepping up its efforts to remove funds previously held by US traders. Bitmex derivatives products are Bitcoin settled, and trading profit opportunities on the platform remain one of the largest drivers of cryptocurrency trading demand. The heavy outflows on Bitmex have correlated with the falling BTC prices in the last week.

 
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