BitMEX Fined $100M for BSA Violation

This is a U.S news story, published by CoinGape, that relates primarily to John G. Koeltl news.

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Bank Secrecy Act

CoinGape

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U.S. District Judge orders BitMEX to pay $100 million for violating Bank Secrecy Act

Summary

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60% Informative

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

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 .

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Informative language

Neutral language

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formal

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English

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not offensive

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not hateful