Bitmex Performed Better After CFTC Probe: Data

  • BitMEX, in 2019, entrusted its money to customers and users of the platform in the past year.
  • The CFTC launched an investigation last July to determine whether BitMEX intentionally left US citizens unregulated to trade on the platform.
  • The largest drop in the stock market's cold store over the past year was in July after it was reported that the company was pending an investigation by the US CFTC.

Data have shown that despite the various fiasco of the Cryptocurrency exchange and derivatives trading platform, BitMEXIn 2019, customers and users of the platform trusted their money last year.

This is particularly surprising since BitMEX 2019 was in the news for the wrong reasons. First, the platform was developed by the United States Commodity Futures Trading Commission (CFTC), The CFTC launched the investigation in July last year to determine whether BitMEX deliberately leaves US traders on the platform unregulated.

In November, the Crypto Exchange platform accidentally lost sensitive user data. The fiasco was caused by an error applying the Bcc protocol to its bulk email servers.

If this was not enough for the platform, it also faced increasing competition in the area of ​​perpetual swap products and was called up for "systematic illegal activities".

Despite all of these glitches, the trading platform seems to have kept its investors happy. The data collected by the blockchain data analysis company Skew Market is shown in the following graphic.

Note 2020-02-06 232816

Source: offset

The largest drop in the stock market's cold store over the past year was in July after it was reported that the company was pending an investigation by the US CFTC. Since then, however, the platform has increased its cold wallet inventory by up to 100,000 BTC.

Not only was this increase steady, BitMEX also reached the milestone in just six months. Analytics company Skew also said the platform is probably "the most capitalized clearinghouse in the industry."

A comment was made on the BitMEX insurance fund, up to 34,000 BTC, The exchange is said to include more than $ 1.5 billion in open interest across all contracts.

One area where negative PR appears to have hit the platform is the number of daily active users. Skew reported that the number of active users on the crypto platform has decreased over the years.

As can be seen in the graphic below, 20,000 active users were reported on the website on a relatively slow day before the July incident. However, after August, just over 20,000 users per day were seen as an optimistic sign.

Note 2020-02-06 232855

Source: offset

BitMEX's XVTUSD contract has the best liquidity in the crypto industry, but Binance has made great strides in this area since the beginning of the new year.

BitMEX is trampled on by Binance's rapid growth and dominance even after daily trading in multi-billion dollar contracts. Even if the recently signed XRP contract for the unlimited exchange is a glimmer of hope for the platform, influential people like Arthur Hayes, who publicly criticize BitMEX, do not help.



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