BitMEX pays $100 million fine to two US regulatory agencies

A $100 million fine

On its website, the BitMEX exchange confirms that it has reached a settlement with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) for failing to comply with US regulations.

The fine was set at 100 million dollars and will be paid in equal parts to the two agencies. The agencies accused the company of failing to comply with anti-money laundering requirements and of failing to collect certain identifying information about its customers.

The consent order that was issued cited a ban on BitMEX’s platform selling certain types of cryptocurrency investment contracts in the United States without registering with the CFTC.

Current BitMEX CEO Alexander Höptner said:

“We are very happy to put this behind us. As cryptocurrencies mature, we too have evolved to become the largest cryptocurrency derivatives platform with a fully verified user base. Comprehensive user verification, robust compliance and anti-money laundering capabilities are not just hallmarks of our business – they are the drivers of our long-term success.”

This agreement comes as BitMEX becomes proactive in becoming more compliant with regulations. In fact, the company will now focus on new commercial products and compliance in its operations.

While the civil case remains settled, the criminal case has only just begun. Indeed, a separate case is pending against senior BitMEX executives: U.S vs Hayes and all .

In the same situation, the U.S. Securities and Exchange Commission (SEC) recently fined the Poloniex platform $10 million for failing to comply with securities trading regulations.

Read more – BitMEX intends to fight the accusations of the US regulators

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About the author: Anthony Bassetto

BitMEX pays $100 million fine to two US regulatory agencies