BitMEX Fined $100 Million for Violating US Money Laundering Laws

Federal judge John G. Koeltl directed BitMEX to pay a $100 million fine related to money laundering violations in the US. This ruling follows legal challenges from activities between 2015 and 2020, where BitMEX allegedly failed to comply with the United States Bank Secrecy Act (BSA).

Key Developments

Previous penalties include a $110 million fine and guilty pleas from founders Arthur Hayes and Benjamin Delo, who paid $10 million each.
The Department of Justice initially sought over $200 million during negotiations and approximately $420 million during sentencing discussions.
BitMEX has enhanced its compliance measures, including strengthened Know Your Customer (KYC) and Anti-Money Laundering (AML) systems.
The company aims to redirect focus towards innovation and service delivery after addressing past legal issues.

BitMEX stated that the BSA charge is outdated and expressed commitment to maintaining its status as a trusted crypto derivatives platform.