EddieJayonCrypto
16 Jan 25
BitMEX, a cryptocurrency exchange, was fined $100 million by a Manhattan federal judge for money-laundering violations in the United States, despite the exchange's argument that a previous $110 million fine and guilty pleas were sufficient. The founders had previously pled guilty to similar charges ...
BitMEX, a cryptocurrency exchange, was fined $100 million by a Manhattan federal judge for money-laundering violations in the United States, despite the exchange's argument that a previous $110 million fine and guilty pleas were sufficient. The founders had previously pled guilty to similar charges and agreed to $10 million fines each.
The exchange claimed to have implemented significant improvements in user verification and compliance systems. The fine stems from civil and criminal actions related to money-laundering and illegal operation in the U.S., with previous penalties already paid to the U.S. Financial Crimes Enforcement Network.
Founders Arthur Hayes and Benjamin Delo previously pled guilty in 2022 to similar charges, with each agreeing to a $10 million criminal fine. BitMEX pushed said the verdict represented a smaller penalty than previously sought by the U.S. government, but that it disagreed that a fine was necessary.
The CFTC first filed money-laundering and other civil charges against BitMEX for illegally operating in the U.S. At the same time, the U.S. Attorney for the District of New York also filed criminal actions against the exchange’s owners—Arthur Hayes, Ben Delo, and Samuel Reed—for allegedly conspiring to violate the Bank Secrecy Act.