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BitMEX Hit with an Additional Penalty Following Its 2022 Guilty Plea
Cryptocurrency trading platform BitMEX has been ordered to pay a significant fine of $100 million and serve two years’ probation as part of a settlement agreement in a lawsuit that concluded earlier this week.
The financial penalty, which was levied by the court, comes in addition to the guilty plea that BitMEX entered into back in 2022. At the time, the company admitted to illegally offering services to users in the US through ABS Global, which is wholly controlled and operated by HDR, despite being unregistered as a money-transmitting company.
In a statement released after the court’s ruling, BitMEX expressed disappointment over the additional financial penalty, but noted that it was significantly lower than the amount sought by the Department of Justice over the past three years.
The settlement marks another chapter in the regulatory crackdown on cryptocurrency platforms, highlighting the importance of compliance with US banking laws and anti-money laundering practices.
Source: coinjournal.net
