Breaking: BitMEX slapped with $100 million fine, accused of evading US financial controls

Source Fxstreet

  • BitMEX exchange faces a $100 million penalty as a Manhattan federal judge rejects plea to accept previous fines as sufficient punishment. 
  • The exchange has paid $110 million in penalties. 
  • In July 2024, BitMEX pled guilty to violation of anti-money laundering laws. 
  • BitMEX informed its users in a message that the Department of Justice has been pursuing the exchange for nearly three years for a higher penalty.

The US District Court for the Southern District of New York passed a sentence against BitMEX. This is not the crypto platform’s first run-in with the law. Less than six months prior to the sentence, BitMEX pled guilty to violation of the US Bank Secrecy Act and violation of anti-money laundering laws. 

In its message to its users, BitMEX said:

“Whilst we are disappointed to learn of the imposition of an additional financial penalty, the amount is substantially less than what the Department of Justice have been pursuing us for over 3 years. 

This process has run on for years, during which the DOJ first asked for over USD 200 million of new money to settle a plea deal – once we refused this ridiculous offer, they then sought a penalty of approximately USD 420 million in the sentencing proceedings.”

(The story is a breaking news and will be updated as the story develops.)

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold in second day of gains with US and Russian officials meeting for peace talksGold’s price (XAU/USD) is rallying near 0.50% this Tuesday at the start of the European trading session, with the precious metal trading around $2,910 at the time of writing.
Author  FXStreet
9 hours ago
Gold’s price (XAU/USD) is rallying near 0.50% this Tuesday at the start of the European trading session, with the precious metal trading around $2,910 at the time of writing.
placeholder
WTI rises above $71.50 due to supply disruptions from KazakhstanWest Texas Intermediate (WTI) crude Oil price continues its upward momentum for the second consecutive day, trading around $71.70 per barrel during European hours on Tuesday.
Author  FXStreet
9 hours ago
West Texas Intermediate (WTI) crude Oil price continues its upward momentum for the second consecutive day, trading around $71.70 per barrel during European hours on Tuesday.
placeholder
EUR/USD corrects as US Dollar rebounds on Fed’s restrictive policy stanceEUR/USD declines to near 1.0450 in Tuesday’s European session after failing to hold above the psychological resistance of 1.0500 in the last two trading days.
Author  FXStreet
9 hours ago
EUR/USD declines to near 1.0450 in Tuesday’s European session after failing to hold above the psychological resistance of 1.0500 in the last two trading days.
placeholder
Pound Sterling rebounds after upbeat UK employment, strong wage growth dataThe Pound Sterling (GBP) bounces back against its major peers on Tuesday after the release of upbeat United Kingdom (UK) labor market data for the three months ending December.
Author  FXStreet
11 hours ago
The Pound Sterling (GBP) bounces back against its major peers on Tuesday after the release of upbeat United Kingdom (UK) labor market data for the three months ending December.
placeholder
USD/CAD Price Forecast: First downside target emerges near 1.4150, eyes on Canadian CPI inflation dataThe USD/CAD pair trades in positive territory near 1.4205 during the early European session on Tuesday, supported by the firmer Greenback.
Author  FXStreet
13 hours ago
The USD/CAD pair trades in positive territory near 1.4205 during the early European session on Tuesday, supported by the firmer Greenback.
goTop
quote