The U.S. Commodity Futures Trading Commission is investigating Seychelles-based cryptocurrency exchange BitMEX, according to people familiar with the matter

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“HDR Global Trading Limited, owner of BitMEX, as a matter of company policy, does not comment on any media reports about inquiries or investigations by government agencies or regulators and we have no comment on this report,” a BitMEX spokeswoman said.

The months-long CFTC probe is focused on whether BitMEX broke rules by allowing Americans to trade on the platform, which isn’t registered with the agency, said one of the people who asked not to be named discussing the investigation, which hasn’t been made public.

The regulator considers virtual currencies like Bitcoin to be commodities, and it has jurisdiction over futures and other derivatives based on them.

The probe is ongoing and the regulator’s investigations often don’t lead to allegations of misconduct. The CFTC declined to comment.

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