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Reuters

Cryptocurrency exchange BitMEX was fined US$100 million for deliberately ignoring US anti-money-laundering laws to boost revenue, the US Department of Justice said on Wednesday.
BitMEX, also known as HDR Global Trading, was sentenced by US District Judge John Koeltl in Manhattan after pleading guilty last July.
The sentence includes two years of probation. BitMEX and its founders, who entered related guilty pleas in 2022 and were sentenced to probation, previously paid about US$110 million in related criminal and civil cases, court papers show.
Lawyers for BitMEX did not immediately respond to requests for comment.
Prosecutors accused BitMEX and founders Benjamin Delo, Arthur Hayes and Samuel Reed of wilfully violating the Bank Secrecy Act between 2015 and 2020 by failing to adopt anti-money-laundering and “know your customer” programmes, effectively turning the exchange into a money-laundering platform.
In 2021, BitMEX agreed to pay up to US$100 million to settle civil charges by two US regulators it improperly screened customers, and accepted their money to trade cryptocurrencies without being registered.
Prosecutors had sought a US$417 million fine in the criminal case, saying BitMEX “has not demonstrated acceptance of responsibility in any real sense”, and BitMEX pleaded guilty after realising it had “no choice” after its founders’ pleas.
BitMEX said no further fine was necessary, citing the earlier payouts and saying it had become a “compliant business” that rectified its past mistakes.
It also said that like many other cryptocurrency exchanges, it was too slow to adjust to changes in the industry during a period of regulatory uncertainty.


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Cryptocurrency

Prosecutors accuse BitMEX and its founders of failing to adopt anti-money-laundering and “know your customer” programmes


Prosecutors accuse BitMEX and its founders of failing to adopt anti-money-laundering and “know your customer” programmes.
