BitMEX records fund outflows of $525 million in July
- The exchange handled $5.32 billion worth futures contracts trades in the last 24 hours and $136.63 billion in the past month.
- The firm is currently under investigation by CFTC for providing a platform for US-based traders.
BitMEX, a crypto derivatives platform, has recorded an outflow of $524 million from its trading platform in July. This makes it the worst month for the exchange so far. As per TokenAnalyst, the outflow of funds on the derivatives exchange remained on the upper side than inflows.
Interestingly, despite the dominance of bear on the crypto trading market last year, the exchange brought in $1.3 billion in funds. The inflow of funds has been higher than the outflow from the exchange. Being one of the largest crypto derivatives platforms, BitMEX offers leverage up to 100x for its futures contracts. According to the company's website, the firm handled $5.32 billion worth futures contracts trades in the last 24 hours and $136.63 billion in the past month.
As the exchange will be required to obtain a license from the Commodities and Futures Commission (CFTC) to operate in the US, it does not offer its services in the country. However, the exchange has been accused of providing services to Americans regardless. If this is true, it could be one of the main reasons for the massive increase in outgoing funds from the firm. The CFTC is currently investigating the exchange regarding these alleged misdemeanors. Co-founder and CEO of BitMEX, Arther Heyes said that the exchange is planning to consider the expansion of its services by launching a cryptocurrency options platform.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
