BitMEX Fined $100 Million For Money Laundering Violations

United States District Judge John G. Koeltl has ordered BitMEX Derivatives Exchange to pay the sum of $100 million for its violation of the Bank Secrecy Act (BSA) in the country. The Judge considered this penalty as a sufficient penance for a 5-year period it consistently violated anti-money laundering statutes.

BitMEX Breaks Silence on the Penalty

Commenting on the order from Judge Koeltl, the trading platform said this penalty is for an offense that its founders were fined for in 2022. The court argued that the trading platform evaded U.S provisions regarding money laundering for which it recorded a $1.3 billion for the 5 year period.

In a statement on Wednesday, the exchange said this $100 million fine comes as a smaller penalty compared to the initial $200 million demanded by the Department of Justice (DoJ).

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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