BitMEX crypto exchange agrees to pay $100 million to get financial regulators off its back
Illustration by Alex Castro / The Verge Cryptocurrency exchange BitMEX has agreed to pay a $100 million civil penalty as part of a settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN), the company announced Tuesday. The fine addresses charges that the derivatives exchange allowed illegal trades and violated anti-money laundering laws.
BitMEX didn't address the less savory uses of its platform for years, as FinCEN says the company willfully failed to comply with its obligations under the BSA (Bank Secrecy Act)." According to the organization:
For over six years, BitMEX failed to implement and maintain a compliant anti-money laundering program and a customer identification program, and it failed to report...