• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

BitMEX Fined $100 Million: Consequences of AML Violations

user avatar

by Giorgi Kostiuk

3 months ago


The US court has fined cryptocurrency exchange BitMEX $100 million for non-compliance with the US Bank Secrecy Act and failing to implement an anti-money laundering (AML) program.

AML Failures and Consequences

Federal prosecutors noted that BitMEX did not implement an AML program that included KYC standards and only collected minimal user information. This breach increased the risk of illicit activity on its platform. The court imposed a $100 million fine, emphasizing the severity of the violations and the importance of regulatory compliance in the cryptocurrency industry.

Executive Accountability at BitMEX

Previously, BitMEX co-founders Hayes, Delo, and Reed, along with employee Gregory Dwyer, were sentenced to probation for BSA violations. They also paid $30 million as part of a civil case settled with the CFTC. The coordinated actions by the government highlight the enforcement of regulatory standards across the cryptocurrency industry.

Company Reaction and Conclusions

In response to the court's decision, BitMEX reiterated that the BSA violations were historical issues and expressed disappointment in the additional fine. However, the company noted that the fine was significantly less than what the US court had initially demanded. This case underscores the necessity for AML and KYC measures for cryptocurrency platforms operating with US markets.

The conclusion of this case highlights the importance of having AML and KYC programs for cryptocurrency platforms dealing with US users or markets.

0

Share

Other news

Ethereum: Selling Pressure from Whales and DeFi Market Shift

Ethereum's drop below $1,800 raises market concerns. The $1,762 support level is crucial for a potential price reversal.

user avatarGiorgi Kostiuk

8 minutes ago

Blockchain Networks Compared: Solana, Avalanche, and BlockDAG Testnet

Explore the differences and achievements of Solana, Avalanche, and the BlockDAG testnet in blockchain technology.

user avatarGiorgi Kostiuk

8 minutes ago

Trump's Financial Transparency: Links with World Liberty Financial Raise Questions

Senators demand SEC transparency regarding Trump's ties to crypto company WLFI.

user avatarGiorgi Kostiuk

8 minutes ago

Crypto Industry Trends: Examining Arctic Pablo Coin, Cheems, and Book of Meme

Overview of the latest cryptocurrency developments: Arctic Pablo Coin, Cheems, and Book of Meme.

user avatarGiorgi Kostiuk

18 minutes ago

Ripple Introduces RLUSD to Enhance Global Payments

Ripple Labs integrates RLUSD to simplify cross-border payments and increase liquidity.

user avatarGiorgi Kostiuk

18 minutes ago

Cryptocurrencies Worth Watching: Qubetics, HNT, and AAVE

An overview of Qubetics, HNT, and AAVE: innovations and prospects through 2025.

user avatarGiorgi Kostiuk

18 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.