BitMEX Wins Regulatory Approval In Switzerland
- BitMEX Group’s BXM Link AG has confirmed receiving membership confirmation from the Financial Services Standards Association (VQF) which is recognized by the FINMA.
- The VQF membership given to BXM Link AG confirms that it is functioning in accordance with Swiss anti-money laundering (AML) regulations.
BitMEX Group’s BXM Link AG has recently announced that it has received membership confirmation from the Swiss self-regulatory organization — Financial Services Standards Association (VQF) — officially recognized by the Federal Financial Market Supervisory Authority (FINMA).
The VQF membership given to BXM Link AG confirms that it is functioning in accordance with Swiss anti-money laundering regulations and is an important step in BitMEX’s quest to be regulated in important jurisdictions throughout the world. Notably, the membership will be fully finalized soon after a few final routine checks. BitMEX CEO and BXM Operations founder Alexander Höptner commented on the new achievement by stating:
“Switzerland is building an impressive crypto ecosystem with all the hallmarks of an attractive destination for companies like ours that are growing and innovating responsibly. [The company sees] investment in Switzerland as crucial to broaden the services it offers and expand its global impact, and the VQF membership is a key step in this path, and a milestone in its efforts for becoming a regulated business in critical jurisdictions around the world”.
Notably, the new membership grant marks the commencement of 2021-founded BitMEX Link’s activities in the region after Zurich became the company’s first European office early this year. BitMEX Link is the cutting-edge, 24-hour brokerage service offered by the major crypto derivatives exchange for trading digital assets. With a variety of services aimed to cover spot, structured products, and OTC all in one place and to provide transparent and easy access to crypto markets, it seeks to attract traders and institutional investors.
According to Ivo Sauter, CEO of BitMEX Link and head of BitMEX’s Swiss office, the company will be able to continue developing the BitMEX Link offering in accordance with Swiss AML requirements and focus on generating new business possibilities in the next months, thanks to its VQF membership. He added:
“Switzerland has a recognized status as a regional hotspot for great talent, with a growing blockchain ecosystem and an advanced institutional framework. This made it a natural choice for [the company’s] first European presence, and we have been working hard since then.”
Notably, BitMEX is constantly expanding its offerings around the world, which is visible through its May 2022 launch of a spot exchange with seven trading pairs.