A fine of $ 100 million
On its website, the BitMEX exchange confirms that it has entered into an agreement with the Commodity Futures Trading Commission (CFTC) and FinCEN (Financial Crimes Enforcement Network) for failing to comply with US regulations.
The fine has been set at $ 100 million and will be paid equally with the two agencies. The latter criticized the company for not having complied with anti-money laundering requirements; and fail to collect certain identifying information about its customers.
The consent order that was issued cites a ban for the BitMEX platform from 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 into the largest cryptocurrency derivatives platform with a fully verified user base. Comprehensive user verification, robust compliance, and anti-money laundering capabilities are not only hallmarks of our business – they are the engines of our long-term success. “
The deal comes as the BitMEX company becomes proactive to further comply with the regulations. Moreover, it will now focus on new commercial products and the compliance of its activities.
Even if the civil case remains settled, the criminal aspect is only just beginning. Indeed, a separate case is pending against senior executives of BitMEX: “US vs Hayes and all”.
In the same situation, the United States Securities and Exchange Commission (SEC) recently fined the Poloniex platform $ 10 million for failing to comply with securities trading regulations.
👉 To discover – BitMEX intends to fight the accusations of US regulators
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About the Author: Anthony Bassetto