BKEX, a British Virgin Islands (BVI) exchange with alleged Binance links, is cooperating with law enforcement to investigate user funds allegedly linked with money laundering.

The company has paused withdrawals to prevent fund misuse during the investigation. 

The British Virgin Islands Does Not Regulate BKEX

The exchange claimed it complied with all money laundering policies. Notably, the company is registered but not regulated in the British Virgin Islands.

The British Virgin Islands Financial Services Commission (BVIFSC) supervises money laundering compliance in the region. Its license regime considers how a cryptocurrency is used, the business activities of a crypto platform, and Initial Coin Offerings.

Additionally, BVI does not levy corporate or income taxes and requires no reporting on cryptocurrency transactions.

BKEX’s trading volume rose 64% in the last 24 hours to $495 million, according to CoinGecko. The exchange accounts for 1.5% of global trading volumes, with the highest activity 
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Author: David Thomas

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