The CEO of one of the world's largest cryptocurrency exchange, BitMEX has guarded his organization against online feedback in an interview with Yahoo Finance UK.

Arthur Hayes, the CEO, and co-founder of BitMEX, revealed that his exchange doesn't offer "unique access to anybody," doesn't trade against its clients, and doesn't profit when trades are sold.

Hayes was reacting to charges leveled by a mysterious blogger in a generally perused post on Medium a month ago.

BitMEX: The billion-dollar bitcoin futures trade

BitMEX is a P2P bitcoin futures trading platform that permits retail investors to take positions against each other on the future rate of bitcoin. Established in 2014, BitMEX has become one of the largest exchange in the crypto space with a huge volume of $8bn on its best day earlier this year.

BitMEX overwhelms the bitcoin futures market, far exceeding volumes of items offered by standard trade administrators CBOE and CME. BitMEX and Japanese opponent BitflyerFX represent about a fourth of all crypto trade volume, as per a report from CryptoCompare.

As the exchange has expanded, it has pulled in more eyes from individuals from the crypto world. This isn't extraordinary — the crypto area has practically no official direction thus investors and clients freely investigate everything from particular coins to trades and digital wallet suppliers.

BitMEX was the subject of a 3,000-word blog on Medium a month ago that assaulted the organization as "obscure" because of its administrative structure. BitMEX is authoritatively enrolled and managed in Seychelles yet has workplaces in Hong Kong. The blog additionally claimed that BitMEX has "a hard time acting morally once it gets in their method for profiting."

The creator, blogging by means of unknown record 'Hasu' and professing to be an autonomous digital currency specialist, made three key claims:

BitMEX covertly trades against its clients through a market-making desk that was as of late revealed.

The organization "weaponizes" server issues by offering particular access to specific merchants once servers are back online.

BitMEX profits when it exchanges customer positions and puts overabundance edge in its insurance fund.

For each point, the blog gave little proof, however, said the cases depended on doubts of clients.

The blog got 4,500 responses and 22 remarks on Medium. It was additionally distributed on Medium's blog channel The Startup, which has more than 380,000 supporters.

Arthur Hayes, the previous Deutsche Bank and Citi dealer who is the CEO of BitMEX, addressed that they don't trade against their clients.

On the primary point, Hayes said BitMEX has a market-making desk yet it doesn't trade against customers and exists just to pour liquidity to the market.

BitMEX's market movers give liquidity to the market by posting buy and sell requests. They get to profit from both the sides of the orders (the difference between the orders).

Hasu said the BitMEX clients they addressed speculated the market making desk is provided with a special access to the exchange and furthermore, favored data on customer orders that would enable them to take gainful positions in the market are supplied to it.

Hayes denied this strongly. He said the desk is "totally detached from representatives" and has "no exceptional access."

They have indistinguishable exchanging rights from any other standard dealer, they can't see the liquidation costs of any of our clients. We don't trade against our clients, he said.

That being stated, BitMEX is in no way, an uninvolved player in the space, and frequently makes questionable predictions about virtual assets. Most as of late, Hayes distributed a report where he expressed that he sees Bitcoin dropping to $2,000 as the "sweet spot," only weeks after he freely called Ethereum (ETH) a "large shitcoin" than the dollar when inciting clients to short the crypto with ETH/USD interminable swaps.

Despite aims, BitMEX's server activity unquestionably has an effect on Bitcoin's price. For instance, Last August, when BitMEX scheduled a maintenance, Bitcoin's cost spiked about $300 in just a matter of time.