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The US Department of Justice: BitMEX admits to violating the Bank Secrecy Act in an anti-money laundering case

2024-07-11 05:15:39
According to an official statement from the Department of Justice, cryptocurrency exchange and derivatives trading platform BitMEX pleaded guilty Wednesday to violating the Bank Secrecy Act, alleging that BitMEX knowingly failed to establish, implement and maintain an adequate anti-money laundering program. The law carries a maximum penalty of five years in prison and a fine, and the case has been referred to U.S. District Judge John G. Koeltl.
US Attorney Damian Williams said: "As BitMEX founder and longtime employee admitted in federal court in 2022, the company was one of the world's leading cryptocurrency derivatives platforms from 2015 to 2020, yet operated in the US without any meaningful anti-money laundering program required by federal law. As a result, BitMEX became a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today's guilty plea demonstrates once again that if cryptocurrency companies exploit the US market, they need to comply with US law."