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.)
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