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Crypto derivatives platform BitMEX is revealing its total Bitcoin (BTC) reserve balance and is suggesting that other exchanges go public with their reserves as well.

In a new blog post, BitMEX says that it holds 110,090 Bitcoin, worth $5.23 billion at time of writing.

The firm also provided tools that anyone can use to verify liabilities and the companys reserves against the blockchain.

BitMEX says that it hopes other crypto firms and platforms will reveal their Bitcoin holdings as well.

BitMEXs recent transparency comes on the heels of its $100-million settlement with the U.S. Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC).

According to the CFTC, a settlement was reached with five entities that were charged with operating the BitMEX crypto derivatives platform.

The order requires the BitMEX entities to pay a $100 million civil monetary penalty, and provides that up to $50 million of the penalty may be offset by payments the BitMEX entities make or are credited pursuant to a Consent to Assessment of Civil Monetary Penalty entered by the Financial Crimes Enforcement Network.

In October of 2020, the CFTC accused BitMEX founders Arthur Hayes, Benjamin Delo and Samuel Reed along with the platforms other operating entities of partially operating from the US and serving US customers without proper approval.

FinCENaccusedBitMEX of operating with inadequate anti-money laundering and customer identification measures.

Featured Image: Shutterstock/cobalt88

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Bitcoin Firm Reveals Its Total BTC Reserves, Urges Other Crypto Exchanges To Disclose Holdings - The Daily Hodl