The cryptocurrency market is an emerging market and it still needs many laws and regulations to be clarified, and these regulations change according to the geographical region.

recently uploaded New lawsuit Against BitMEX and its derivatives trading platform, HDR Global Trading Limited, ABS Global Trading and its founders:

Arthur Hayes, Ben Dello and Samuel Reed.

Accusing them of illegal activities such as money laundering.

The lawsuit, which consists of 106 pages, was filed last Saturday by the plaintiff, “BMA LLC”, and the complaint was filed in the US District Court for the Northern District of California.

The lawsuit alleges that BitMEX was designed to engage in illegal activities such as extortion, money laundering and market manipulation, earning “billions” and transferring them to the defendants in the form of illicit profits.

Read:Booking.com enters into a strategic partnership with a crypto project

The plaintiff also alleged that BitMEX was operating an unauthorized money transfer business.

As excerpts from the lawsuit filed are the following:

According to the defendants’ private statements, the defendants admitted to transferring unauthorized funds to the defendants, averaging an estimated $3 billion in illegal and unauthorized money transfers each day, all in violation of US federal law…

This is a record for such illegal activity in the entire history of monetary regulation in the United States of America.

The plaintiff said HDR is incorporated and registered in the Seychelles, but has offices in San Francisco, Hong Kong and Singapore.

Adding:

HDR Corporation and its San Francisco office for the defendant are the largest of all three in terms of number of employees and number of technical staff.

The lawsuit alleges that HDR operates in the United States through its wholly owned subsidiary based in California.

According to the same lawsuit:

Defendants Hayes, Delo and Reed created ABS as a ‘pseudo-company’ to meet the broader US tax regulation and compliance law, designed to tell regulators and tax authorities that BitMEX does not have any operations in California or the United States. United or investors from there.

Read:Report: 87 percent of trading volumes on exchanges are questionable

But in fact, California is where most of its technologies and services are managed and developed, and where all the key employees who perform these functions live, work, and manage BitMEX operations.

Commenting on the complaint and the lawsuit, a spokesperson for HDR to source:

We are aware of the complaint filed by BMA LLC, formerly known as Bitcoin Manipulation Abatement, LLC, in the US District Court for the Northern District of California.

Read:The Bahamas intends to accept tax payments using cryptocurrency

After reviewing a draft version of their complaint, we affirm that we will vigorously defend ourselves against this false claim.

The speaker added:

BMA has recently emerged as a serial presenter of several claims against companies operating in the crypto space.

We will deal with this complaint through the normal litigation process and are fully confident that the court will consider the claim as it is.

On the Arab Bitcoin website, we previously discussed a broad lawsuit that was directed against 11 companies in the crypto field:

Lawsuits against several prominent names in the cryptocurrency market

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Binance sued for seizing $300,000 of crypto from one of its ex-employees