BitMEX Fined $100 Million: Legal Battle Details

user avatar

by Giorgi Kostiuk

2 years ago

Cryptocurrency derivatives exchange BitMEX has concluded a multi-year legal battle, leading to additional fines for regulatory violations.

History of the Legal Battle

U.S. District Judge John G. Koeltl ruled that the initial $110 million fine was insufficient. Plaintiffs allege BitMEX earned about $1.3 billion over five years while ignoring U.S. regulations.

AML Issues and Consequences

Last July, BitMEX pleaded guilty to violating the Bank Secrecy Act. The company was charged with failing to implement an adequate AML program between 2015 and 2020. Despite claimed measures, prosecutors stated these were ineffective.

"Anti-money laundering and know-your-customer rules protect Americans from fraud, combat money laundering, and prevent the financing of terrorist activity," explained Podolsky.Podolsky

Response and Future Actions

During the hearings, BitMEX General Counsel Peter Wilkinson argued that fines have adversely affected the company’s competitive position and regulatory standing. The additional fines were imposed in the criminal case, separate from civil charges brought by the CFTC and FinCEN in 2022.

This case highlights the importance of compliance with regulatory standards, especially for financial institutions in the cryptocurrency field.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Google Implements New Advertising Policy for Crypto Providers in UAE

Google has announced new licensing and certification requirements for crypto exchanges and software wallet providers targeting customers in the United Arab Emirates.

user avatarLeo van der Veen

Meta's Board Approves New Class of Nonvoting Stock

Meta's board has approved the creation of Class C nonvoting shares to be distributed to existing Class A and Class B shareholders, effective January 19, 2027.

user avatarLi Weicheng

Meta's Financial Strategy Ensures Founder Control

Meta's financial strategy includes plans to potentially raise hundreds of billions in equity while ensuring Mark Zuckerberg retains control over the company.

user avatarAisha Farooq

BitGo Introduces BitGo Labs to Innovate in AI and Cryptocurrency

BitGo has launched BitGo Labs to develop AI-integrated applications for its digital asset infrastructure, starting with the Gokubu app.

user avatarTenzin Dorje

TRON Solidifies Its Position as a Leading Blockchain Network for Stablecoin Settlement

In Q3 2026, TRON reinforced its position as a leading blockchain network for stablecoin settlement, achieving trillions in transaction volume and a record supply of USDT.

user avatarBayarjavkhlan Ganbaatar

Dogecoin Labs Announces New Organizational Structure for Commercial Development

Dogecoin Labs has announced a new organizational structure to enhance its commercial development by merging consumer products and application infrastructure.

user avatarMohamed Farouk

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.