BREAKING: BitMEX Fined $100 Million For US Money-Laundering Violations

BREAKING: BitMEX Fined $100 Million For US Money-Laundering Violations
Federal judge John G. Koeltl has directed BitMEX to pay a $100 million fine, representing the latest development in an ongoing legal dispute regarding money laundering infractions in the US. BitMEX Faces Major Legal Setback The legal challenges for BitMEX stem from activities between 2015 and 2020, during which the exchange reportedly failed to adhere to the United States Bank Secrecy Act (BSA). The BSA requires financial institutions to assist government agencies in detecting and preventing money laundering.  Related Reading: What Bitcoin Election Patterns Could Signal For Its Price Ahead Of January 20 Inauguration Despite BitMEX’s attorneys arguing that a previous $110 million fine and earlier guilty pleas from the exchange’s founders were sufficient punishment, Judge Koeltl deemed additional financial penalties necessary. In 2022, BitMEX’s founders, Arthur Hayes, and Benjamin Delo, admitted guilt to comparable charges, with both consenting to pay a $10 million criminal penalty.  Exchange Implements Enhanced KYC And AML Measures In a statement following the ruling, the company expressed disappointment over the additional financial penalty but noted that the amount was significantly lower than the Department of Justi ..

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