BitMEX Free of Crypto Market Manipulation Claims in California
Maeve Allsup, 16 March 2021
Cryptocurrency trading platform BitMEX and its founders won dismissal of claims that they illegally manipulated the cryptocurrency market, causing losses for platform users, when a federal judge in California rejected traders’ “kitchen sink” approach.
The complaint, filed in the U.S. District Court for the Northern District of California, alleged 17 causes of action, including violations of the Commodity Exchange Act, the Racketeer Influenced and Corrupt Organizations Act, and state law.
The lawsuit alleged that the company’s founders designed the platform to sidestep financial controls and failed to implement anti-money laundering checks. BitMEX trades against its customers and uses a fraudulent…
