Indictments issued for BitMEX senior team are a signal to all

On the morning of Oct. 1, the United States government authorities in New York issued indictments for four of the senior team of BitMEX, the famed "Wild card" exchange based in Hong Kong.

BitMEX is one of the world's largest crypto exchanges and has a reputation for being notoriously "Relaxed" on Know Your Customer and ID procedures for its users - at least until mid-August of this year.

The United States has a habit of listing "Lenient" charges on warrants in order to obtain international extradition of those wanted under U.S. laws.

Once the defendants have entered the U.S., the charges are then lifted with additional charges added.

If to read between the lines, the papers released by the authorities indicate that more severe charges could follow, including breaching international sanctions.

The rumor mill in New York indicates that the Federal authorities believe BitMEX may have most likely been a "Jumping-off point" for countries like Iran and North Korea to move out of their crypto positions.

Breaching international sanctions is a massive issue, especially as far as the U.S. is concerned.

Some experts tried to quiet the market down as the day went on by reassuring people that BitMEX isn't going anywhere.

Regardless of how true that is, if to look at the timing of the statement, BitMEX may have been trying to ease the market more than take a stand on their situation.

In 2016, Cal left a top-10 California law firm to start Gresham International - a legal service and compliance firm specializing in the technology sector that now has offices in the U.S. and the United Kingdom.