#TradeOfTheWeek
BitMEX’s bitcoin outflow to other exchanges could suggest that traders are prioritizing better regulatory compliance or more advanced leveraged bitcoin trading products. Gemini, a US-based exchange owned by the Winklevoss brothers, is known for its strict know-your-customer procedures. Binance, the top crypto exchange by spot trading volume, has overtaken BitMEX as the number one crypto exchange in 24-hour bitcoin futures trading volume. Kraken, a San Francisco-based exchange, became the first US crypto firm to obtain a bank charter after being approved for a special purpose depository institution license in Wyoming. BitMEX is facing charges from the US Commodity Futures Trading Commission for failing to implement proper KYC policies. Once a leader in crypto derivatives, BitMEX has lost significant market share to platforms offering a broader range of bitcoin derivatives.