Catenaa, Monday, January 20, 2025 – BITMEX, the crypto exchange, was slapped with a $100 million fine by a southern district court in New York over the Bank Secrecy Act violations, reports on January 15 said.
This was due to the failure of the firm to establish and operate the anti-money laundering (AML) and know-your-customer (KYC) programs, the requirements to be fulfilled by the crypto exchanges aligning with the US legal framework.
The firm, founded in or about 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, has served US customers with its core intention to secure revenue through the US market despite US legislation.
A guilty plea on the BITMEX firm was announced in July 2024 and was sentenced on January 15, 2025.
Additionally, the lawsuit imposed a probation of two years on the firm, the press release said.
BITMEX, the derivative trading platform, is an affiliated firm of HDR Global Trading Limited, whose headquarters are located in the Seychelles.
The prosecution is conducted under the Office’s Illicit Finance & Money Laundering Unit of the Federal Bureau of Investigation’s New York Money Laundering Investigation Squad.
