Arthur Hayes, CEO of BitMEX, the leveraged crypto money exchange that spoke to Yahoo Finance UK, rejected claims that the platform was acting against orders issued by its customers.
On the basis of the rumors, an anonymous account called Hasu has a blog post and the following claims about a Hong Kong-based stock market:
1- BitMEX trades against customers
2- Bitmex uses server problems as weapons
3- BitMEX earns money from customers’ liquidation through insurance fund
Hayes, however, responded to the allegations by stating that BitMEX only worked to bring liquidity to the market and did not enter into any countermeasures against its customers.
Hayes also stressed that BitMEX has not made money when customers’ transactions are liquidated.
Whatever their intentions, it is true that the server activity of BitMEX has an impact on the price movements of Bitcoin. For example, last August, when the platform entered a scheduled maintenance period, the price of leading crypto money rose by $ 300 in just a few minutes.
If the claims are correct, BitMEX is not the first popular platform to take advantage of users’ transactions. Last month, Robinhood, a popular non-commissioned buy-sell application, revealed that more than 40% of its revenue was generated by selling user orders to high-frequency stock trading companies.