The U.S. crypto industry will diverge from the rest of the world, becoming more of a digital twin of TradFi, BitMEX Group CEO Stephan Lutz told CoinDesk.SINGAPORE —The U.S. crypto market will take a different path from the rest of the world, consolidating more with traditional finance , because of differences in the regulatory environment and customer needs, Stephan Lutz, CEO of crypto exchange BitMEX, said in an interview at Token2049 in Singapore.
The split, Lutz called it a bifurcation, means U.S. crypto businesses will focus on domestic customers, and companies from the rest of the world will stay out of the country. BitMEX itself does not operate there,in July to violating the Bank Secrecy Act and failing to set up an adequate know-your-customer and anti-money laundering program between 2015 and 2020.
It's that group that needs alternative services such as international remittances from family members working abroad to support relatives at home, a real use case.