BitMEX to Pay $100 Million in Fines to CFTC and FinCEN


BitMEX has announced that it has reached an agreement with the CFTC and FinCEN and has agreed to pay a $100 million fine.

August 11, 2021, | AtoZ MarketsThe BitMEX cryptocurrency derivatives exchange has reached an agreement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) regarding agency investigations. The exchange announced this on its official website. As part of the settlement, the company will pay a $100 million fine.

The head of BitMEX Alexander Heptner said that the exchange intends to cooperate with regulators around the world.

The future of cryptocurrency will belong to platforms that seek to be regulated in their respective jurisdictions and are willing to introduce responsible KYC and AML policies,” he added.

In October 2020, the CFTC accused BitMEX of conspiracy and violation of bank secrecy laws. According to the regulator, the ex-owners of BitMEX operated an unregistered trading platform and did not provide the necessary measures to combat money laundering.

Moreover, amid the accusations, investors withdrew more than 50,000 bitcoins from the exchange. At the current exchange rate, this volume is $2.2 billion. In addition, due to problems with regulators, all key persons in BitMEX, including the former CEO of the exchange Arthur Hayes, have left their posts. In April of this year, Hayes surrendered to the US authorities.

Read also: BitMEX Becomes AC Milan First Sleeve Sponsor

Crypto exchange BitMEX agreed to pay the fine after Heptner announced plans to obtain a brokerage license. Thus, the site will be able to process OTC transactions, the new head of the cryptocurrency exchange hopes. The company also intends to provide licensed depositary services. However, the exchange has not yet announced the timing of the implementation of the new functions.

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