tl;dr
BitMEX exchange has pleaded guilty to violating the United States Bank Secrecy Act, admitting to running the exchange without implementing Know-Your-Customer (KYC) checks. The U.S. Attorney’s Office for the Southern District of New York flagged the exchange's willful violation of laws, allowing it t...
BitMEX exchange has pleaded guilty to violating the United States Bank Secrecy Act, admitting to running the exchange without implementing Know-Your-Customer (KYC) checks. The U.S. Attorney’s Office for the Southern District of New York flagged the exchange's willful violation of laws, allowing it to operate as a gateway for illicit activities. The co-founders have faced consequences, and the exchange awaits its penalty from the U.S. District Judge. This case reflects the U.S. government's commitment to fighting Anti-Money Laundering (AML) violations in the cryptocurrency industry, as seen in recent actions against Kucoin Exchange, Binance, and Paxful.
The investigation into the flouting of US laws by BitMEX predates 2020. In the early phase of the investigation, the exchange’s co-founder were the center of attraction. Arthur Hayes, Samuel Reed, and Benjamin Delo admitted to running the exchange without demanding Know-Your-Customer (KYC) checks. Usually this checks which are included in Anti-money Laundering (AML) procedures are mandated to safeguard users from exploitation. More so, they ensure that the integrity of the U.S. financial system and national security are preserved. However, BitMEX intentionally failed to meet up with these standards. According to the prosecutors, this permitted the exchange to operate as a gateway for illicit activities. Damian Williams, US Attorney, emphasized the need for cryptocurrency companies to comply with U.S. law if they take advantage of the U.S. market.
While the co-founders have already paid their price for their role in the exchange’s violations, the exchange is also expected to pay some price as would be decided by U.S. District Judge John G. Koeltl.
Generally, the consistency of the U.S. authorities on the BitMEX case reflects the commitment of the government towards ensuring citizens’ safety. In Q1 2024, the United States Department of Justice (DoJ) charged Kucoin Exchange and two of its co-founders Chun Gan and Ke Tang for flouting multiple laws to grow their trading platform into one of the biggest in the crypto industry. At the time, Damian accused all that were involved of conspiring to operate an unlicensed money-transmitting business. They also allegedly conspired to violate the Bank Secrecy Act. Noteworthy, this was after the DoJ requested $4.3 billion as Binance settlement in Q4 2023 for violation of AML rules. More recently, Paxful co-founder Artur Schaback pleaded guilty to conspiracy and failing to maintain the platform’s AML program. The number of these AML violation cases may force the authorities to adopt stricter measures against crypto exchanges.
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Sector: TECHNOLOGY
Industry: SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Market Cap: 2.395 billion
Dividend Yield: -0.06
P/E Ratio: 2.179
Earnings Per Share (EPS): -0.0532
Volume: 165,535,000
Price: $15.58
52-Week High: $0
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Sector: TECHNOLOGY
Industry: SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Market Cap: 542,047,000
Dividend Yield: None
Beta: None
EPS: 1.323
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52-Week High: 0
52-Week Low: 0
RSI (14): 0.171
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Sector: METAL MINING
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Support Level: $5.75
Resistance Level: $0.44
Bullish Trend: No
Bearish Trend: No
Breakout: No
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Industry: Technology
Sector: Services - Prepackaged Software
Market Cap: 23.09 billion
Dividend Yield: None
PE Ratio: None
Price/Earnings Growth: -10.67
Price/Book: 32.62
Profit Margin: -0.174
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Gross Margin: 1,959.82
Operating Margin: -0.775
Return on Assets: -0.055
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Support Level: 17.2
Resistance Level: 17.35
50-Day Moving Average: 0.334
200-Day Moving Average: 0.447
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