Hassan Maishera
TL;DR
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BitMEX has been fined an additional $100 million over Bank Secrecy Act violations.
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The exchange pled guilty to the charges in July 2024 and had previously agreed to pay $110 million.
BitMEX Fined an Additional $100 Million
Bitcoin derivatives exchange BitMEX has been fined an extra $100 million after previously concluding a multi-year legal battle related to anti-money laundering violations.
In a report by Law360 on Wednesday, U.S. District Judge John G. Koeltl ruled that the initial $110 million fine BitMEX agreed to pay alongside corporate guilty pleas last year were insufficient penalties.
The plaintiffs argued that the cryptocurrency exchange generated roughly $1.3 billion over five years as it violated the United States Bank Secrecy Act. In addition to the fine, BitMEX’s parent company, HDR Global Trading Inc,. will face a two-year probationary period.
This latest ruling comes after the U.S. Attorney for the Southern District of New York announced in July 2024 that BitMEX had pled guilty to failing to establish, implement, and maintain an adequate anti-money laundering program between 2015 and 2020.
The crypto exchange also illicitly permitted U.S. users onto its platform despite failing to register with the U.S. Commodity Futures Trading Commission, the regulatory body behind crypto derivatives trading.
